CINCINNATI "Innovation that truly improves people's lives is more important than ever," Procter & Gamble's chairman, president and CEO Bob McDonald said to company shareholders at its annual meeting.
Commenting on its "purpose-inspired" growth strategy, McDonald said that while significant opportunties for improvement lay ahead, P&G continues to see growth; organic sales grew 3%, core earnings per share rose 6% and adjusted free cash flow was 125% of net earnings for the last fiscal year ended June 30.
P&G will issue its financial results for the first fiscal quarter ended Sept. 30 on Oct. 27.
"Our own experience shows that companies that continue to invest in innovation during economic downturns enjoy more growth in the years that follow –– primarily because they keep their promises to consumers when those promises matter most. There's nothing more important that we can do in these tough times than to keep our brands strong, to continue leading innovation and to win the consumer value equation every day," McDonald said.
"We won't let up. I'm confident that if we build on our successes, address our shortfalls and implement our purpose-inspired growth strategy with excellence, we will continue to accelerate growth and touch and improve more consumers' lives in more parts of the world ... more completely," he added.