Proctor and Gamble 2015 Annual Report Download - page 3

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A.G. LAFLEY
Chairman of the Board,
President and
Chief Executive Officer
Dear Shareowners,
Fiscal 2015 was a tough year due to weakening developing
market economics and the unprecedented negative impact of
foreign exchange. Because we are a dollar-denominated
company headquartered in the U.S., and given the reality of
the geographic footprint of our business
—
with significant
exposures in markets such as Brazil, Japan and Russia
—
Company
worldwide sales and profits were negatively impacted by
foreign exchange.
All-in sales were down 5%, including the negative 6-point
impact of foreign exchange.
Organic sales grew 1%. Organic sales for our 10 core categories
grew 2%, about one point below underlying market growth.
On an all-in GAAP basis, earnings per share were $2.44, down
due to significant one-time charges and restructuring costs.
Core earnings per share were $4.02, down 2%, including a
13-point, $1.5 billion negative impact of foreign exchange. On a
constant currency basis, core earnings per share were up 11%.