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The Procter & Gamble Company
                                                                     One P&G Plaza
News Release                                                         Cincinnati, OH 45202



                                                                     FOR IMMEDIATE RELEASE

           P&G REPORTS $0.82 EPS, UP 11%, ON 13% OPERATING PROFIT GROWTH


       CINCINNATI, April 30, 2008 - The Procter & Gamble Company (NYSE: PG) announced
diluted net earnings per share growth of 11 percent to $0.82 per share. Earnings were driven by
net sales growth, continuing focus on cost control and Gillette synergy benefits, which more than
offset higher commodity costs. Operating profit margin improved 60-basis points, driving a 13
percent increase in operating profit. Net sales increased nine percent to $20.5 billion. Organic
volume and sales were both up five percent. Five of the company’s six segments delivered mid-
single digit or higher organic volume growth.

       “This quarter is yet another demonstration of the power of P&G’s product category and
geographic diversification and disciplined focus on cash and cost productivity,” said A.G. Lafley,
chairman of the board and chief executive officer. “P&G delivered strong results in-line with long-
term targets in a challenging economic and competitive environment with broad-based sales and
share growth, earnings growth and overhead cost improvement.”


Executive Summary


   •   Net sales increased nine percent to $20.5 billion on four percent volume growth. Growth
       was broad-based as every segment delivered year-on-year volume and net sales growth.
       Organic volume and organic sales, which exclude the impacts of acquisitions, divestitures
       and foreign exchange, each grew five percent.
   •   Operating profit was up 13 percent to $4.1 billion. Operating margin improved 60-basis
       points as a result of cost savings projects, Gillette synergy benefits, improved overhead
       costs and volume leverage, which more than offset higher commodity costs.
   •   Diluted net earnings per share increased 11 percent to $0.82 for the quarter.
   •   Operating cash flow was $4.3 billion for the quarter. Free cash flow was 136% of net
       earnings for the quarter and 109% year-to-date, well ahead of the company’s 90% annual
       target.
                                                                                           - More -
Financial Highlights

       Net sales for the quarter increased nine percent to $20.5 billion. Volume was up four
percent, including a negative one percent impact from the Western European Tissue divestiture.
Favorable foreign exchange added five percent to net sales. Organic sales grew ahead of organic
volume in both developed and developing regions. Disproportionate growth in developing regions
drove a negative one percent mix impact. Price increases had a positive one percent impact on
net sales. Volume grew primarily behind successful product initiatives and continued double-digit
volume growth in developing regions. Growth was broad-based as 18 of our 22 top categories,
representing over 90% of total net sales, delivered year-on-year organic volume growth. A number
of the company’s key brands, including Always, Ariel, Dolce & Gabbana, Febreze, Fusion, Gain,
Head & Shoulders, Naturella, Pampers, Pringles, Rejoice, Venus and Vicks, delivered at least
high-single digit global volume growth.

       Diluted net earnings per share increased 11 percent for the quarter to $0.82 behind strong
operating profit growth. Operating profit was up 13 percent as a result of higher net sales and
improved operating margin. Operating margin was up 60-basis points as a reduction in overhead
spending as a percent of net sales more than offset higher commodity and energy costs.

       Gross margin was down 30-basis points to 51.3% of net sales during the quarter. Higher
commodity and energy costs had a negative impact of over 220-basis points. Most of this negative
cost impact was offset by volume leverage, pricing and cost savings projects.

       Selling, general and administrative expenses (SG&A) were 31.2% of net sales, an 80-basis
point improvement versus the prior year period due to lower overhead spending as a percent of net
sales. Overhead spending improved as a result of increased productivity, Gillette synergies and
scale leverage. Marketing spending was up nine percent, in-line with net sales growth.

       Other non-operating income for the quarter was down $159 million versus the prior-year
period primarily due to higher divestiture gains and investment income in the base period. Interest
expense increased $85 million largely due to higher debt levels to support the company’s share
repurchase program.

       Operating cash flow was $4.3 billion for the quarter, driven primarily by strong earnings
results, an unusually large deferred tax benefit and a decrease in accounts receivable. Free cash
flow was 136% of net earnings for the quarter, well ahead of the company’s 90% annual target.
Capital expenditures were 3.3% of net sales during the quarter.
The company repurchased $2.6 billion of P&G stock during the quarter as part of the
company's previously announced share repurchase program. The company has repurchased $8.0
billion of P&G stock since the inception of this program in July 2007, a level consistent with the
company’s three year $24 - $30 billion share repurchase plan. Combined with $3.4 billion in
dividends, P&G has distributed $11.4 billion to shareholders fiscal year to date, or 126% of net
earnings.


Business Segment Discussion

       The following provides perspective on the company’s January - March quarter results by
business segment.

Beauty GBU
•   Beauty net sales increased nine percent for the quarter to $4.7 billion. Net sales were up on
    three percent volume growth and a six percent favorable foreign exchange impact. Volume
    was up mid-single digits in Hair Color behind the Nice ‘N Easy Perfect 10 launch and in
    Cosmetics behind the Cover Girl Lash Blast mascara initiative. Retail Hair Care volume was
    up mid-single digits as high-teens growth on Head & Shoulders and double-digit growth on
    Rejoice were partially offset by a decline on Pantene in North America. Organic volume in
    Prestige Fragrances was up mid-single digits as a result of new product launches on Gucci,
    Hugo Boss and Dolce & Gabbana. All-in volume on Prestige Fragrances was up low-single
    digits due to minor brand divestitures. Professional Hair Care shipments were in-line with the
    prior year period as strong growth in Central and Eastern Europe was offset by a low-single
    digit decline in developed markets. Net earnings in Beauty were down two percent to $589
    million as the impact of higher net sales was more than offset by higher commodity costs and
    base period gains from minor Wella fragrance brand divestitures.


•   Grooming net sales increased 13 percent to $2.0 billion behind six percent volume growth and
    a seven percent favorable foreign exchange impact. Price increases taken across premium
    shaving systems added two percent to net sales. Product mix had a negative two percent
    impact on net sales as favorable mix from growth on Fusion was more than offset by a negative
    mix impact from disproportionate growth in developing regions. Blades & Razors volume was
    up high-single digits behind double-digit volume growth in developing regions on the successful
    expansion of Fusion and the launch of Venus Embrace in North America. These gains more
    than offset the base period impact of pipeline volume related to the Fusion launch in several
    Western European markets. Fusion will deliver more than $1 billion in net sales this fiscal year,
    making it P&G’s 24th billion dollar brand and the fastest ever to reach this milestone, including
Mach3. Blades & Razors net sales grew significantly ahead of volume as favorable product
    mix on Fusion from the business’ trade-up strategy, higher pricing and favorable foreign
    exchange more than offset the impact of disproportionate developing region growth. Braun
    volume was down mid-single digits. High-single digit volume growth in developing regions was
    more than offset by softness in Western Europe and lower volume in home appliances resulting
    from supply constraints at a contract manufacturer and the previously announced exit of the
    U.S. home appliances business. Net earnings in Grooming were up 30 percent for the quarter
    to $403 million behind higher net sales, lower overhead spending and a more profitable product
    mix.


Health & Well-Being GBU
•   Health Care net sales were up 11 percent during the quarter to $3.7 billion. Net sales growth
    was driven by a six percent increase in volume and a six percent favorable foreign exchange
    impact, partially offset by a negative one percent mix impact. Feminine Care volume was up
    high-single digits behind double-digit growth on Naturella and high-single digit growth on
    Always. Oral Care volume increased mid-single digits behind the Crest and Oral-B brands.
    Volume in Pharmaceuticals and Personal Health was up mid-single digits as the addition of the
    SPD Swiss Precision Diagnostics GmbH joint venture and high-single digit growth on Vicks
    more than offset low-single digit growth in Pharmaceuticals. Net earnings in Health Care were
    up 15 percent to $617 million behind net sales growth and improved overhead expenses as a
    percent of net sales.


•   Snacks, Coffee and Pet Care net sales increased 11 percent to $1.2 billion. Net sales were up
    as a result of a five percent pricing impact, four percent volume growth and three points of
    favorable foreign exchange, partially offset by a negative one percent product mix impact.
    Snacks volume increased double-digits driven by the Pringles Rice Infusion and Pringles
    Extreme Flavors initiatives.   Coffee volume was up low-single digits behind the Dunkin’
    Donuts® license agreement, which was not in the year-ago period. Pet Care volume was down
    low-single digits due to continued impacts from the voluntary wet pet food recall. Net earnings
    in Snacks, Coffee and Pet Care were down nine percent to $105 million due to the receipt in
    the base period of a Hurricane Katrina insurance payment. The impact of higher net sales in
    the current quarter was partially offset by higher commodity costs.


Household Care GBU
•   Fabric Care and Home Care net sales increased 10 percent to $5.8 billion on six percent
    volume growth. Favorable foreign exchange added five percent to net sales, but was partially
offset by a negative one percent mix impact driven primarily by disproportionate growth in
    developing regions.         Fabric Care volume was up high-single digits behind double-digit
    developing region growth and strong initiative results on Ariel, Downy, Gain and Tide, including
    continued success on the liquid laundry detergent compaction expansion in North America.
    Home Care volume was up mid-single digits as a result of continued success on Febreze
    Candles and the expansion of Fairy auto-dishwashing in Western Europe. Batteries volume
    was up mid-single digits as strong growth in developing regions more than offset market
    softness in North America. Net earnings in Fabric Care and Home Care increased 12 percent
    to $781 million as higher net sales, cost savings projects and lower overhead expenses as a
    percent of net sales more than offset higher commodity costs.


•   Baby Care and Family Care net sales increased eight percent to $3.5 billion. Volume was up
    one percent, including the impact of the Western European Tissue divestiture. Price increases
    in both Baby Care and Family Care and favorable product mix each contributed one percent to
    net sales and favorable foreign exchange added five percent. Organic sales were up eight
    percent behind a seven percent increase in organic volume. Baby Care volume was up high-
    single digits behind double-digit growth in developing regions and continued success on Baby
    Dry and Swaddlers in developed regions. Family Care organic volume was up high-single
    digits behind strong growth on both Charmin and Bounty. Net earnings in Baby Care and
    Family Care were up 23 percent to $471 million as net sales growth, cost savings projects and
    a more profitable product mix more than offset higher commodity costs.


Fiscal Year and April - June Quarter Guidance

       For the 2008 fiscal year, the company expects organic volume and organic sales to both
grow approximately five percent. Pricing is expected to add one percentage point to net sales
growth, as the company has announced price increases to offset the impact from higher materials
and energy costs. Mix is estimated to reduce net sales growth by one percent due to rapid growth
of developing markets. In addition, foreign exchange is expected to add approximately five percent
to net sales, and the net impact of acquisitions and divestitures is expected to reduce net sales by
one percent. In total, the company expects all-in net sales to grow approximately nine percent
versus the prior fiscal year.

       P&G now expects earnings per share to be in the range of $3.48 to $3.50 for fiscal year
2008. This is an increase compared to the company’s prior guidance range of $3.46 to $3.50 due
to the strong January - March quarter results. The company now estimates operating margins to
improve by 20 or more basis points for the year, as overhead productivity improvements, pricing
and cost savings programs should more than offset the impact of higher materials and energy
costs.

         For the April - June quarter, P&G expects organic sales growth of four to six percent. This
includes a net pricing and mix benefit of approximately one percent.             Foreign exchange is
estimated to add five to six percent to net sales growth, and the net impact of acquisitions and
divestitures is expected to reduce net sales by one to two percent. Total net sales are expected to
increase eight to ten percent.

         Operating margins are expected to improve modestly as the benefits from overhead
productivity savings, pricing and other cost savings programs should more than offset the impact of
higher input costs. Gross margins are expected to decline versus prior year. The tax rate for the
quarter is estimated to be about 28%. The company expects earnings per share to be in the range
of $0.76 to $0.78 per share of the fourth quarter.


Forward Looking Statements

         All statements, other than statements of historical fact included in this release, are forward-
looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995.
Such statements are based on financial data, market assumptions and business plans available
only as of the time the statements are made, which may become out of date or incomplete. We
assume no obligation to update any forward-looking statement as a result of new information,
future events or other factors. Forward-looking statements are inherently uncertain, and investors
must recognize that events could differ significantly from our expectations. In addition to the risks
and uncertainties noted in this release, there are certain factors that could cause actual results to
differ materially from those anticipated by some of the statements made. These include: (1) the
ability to achieve business plans, including with respect to lower income consumers and growing
existing sales and volume profitably despite high levels of competitive activity, especially with
respect to the product categories and geographical markets (including developing markets) in
which the Company has chosen to focus; (2) the ability to successfully execute, manage and
integrate key acquisitions and mergers, including (i) the Domination and Profit Transfer Agreement
with Wella, and (ii) the Company’s merger with The Gillette Company, and to achieve the cost and
growth synergies in accordance with the stated goals of these transactions; (3) the ability to
manage and maintain key customer relationships; (4) the ability to maintain key manufacturing and
supply sources (including sole supplier and plant manufacturing sources); (5) the ability to
successfully manage regulatory, tax and legal matters (including product liability, patent, and
intellectual property matters as well as those related to the integration of Gillette and its
subsidiaries), and to resolve pending matters within current estimates; (6) the ability to successfully
implement, achieve and sustain cost improvement plans in manufacturing and overhead areas,
including the Company's outsourcing projects; (7) the ability to successfully manage currency
(including currency issues in volatile countries), debt, interest rate and commodity cost exposures;
(8) the ability to manage continued global political and/or economic uncertainty and disruptions,
especially in the Company's significant geographical markets, as well as any political and/or
economic uncertainty and disruptions due to terrorist activities; (9) the ability to successfully
manage competitive factors, including prices, promotional incentives and trade terms for products;
(10) the ability to obtain patents and respond to technological advances attained by competitors
and patents granted to competitors; (11) the ability to successfully manage increases in the prices
of raw materials used to make the Company's products; (12) the ability to stay close to consumers
in an era of increased media fragmentation; (13) the ability to stay on the leading edge of
innovation and maintain a positive reputation on our brands; and (14) the ability to successfully
separate the company’s coffee business. For additional information concerning factors that could
cause actual results to materially differ from those projected herein, please refer to our most recent
10-K, 10-Q and 8-K reports.


About Procter & Gamble
       Three billion times a day, P&G brands touch the lives of people around the world. The
company has one of the strongest portfolios of trusted, quality, leadership brands, including
Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®, Gain®,
Pringles®, Folgers®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Actonel®, Duracell®,
Olay®, Head & Shoulders®, Wella®, Gillette®, and Braun®. The P&G community consists of
138,000 employees working in over 80 countries worldwide. Please visit http://www.pg.com for the
latest news and in-depth information about P&G and its brands.

                                                  #   #   #



P&G Media Contact:
Paul Fox - 513.983.3465

P&G Investor Relations Contact:
Mark Erceg - 513.983.2414
The Procter & Gamble Company


Exhibit 1: Non-GAAP Measures

       In accordance with the SEC’s Regulation G, the following provides definitions of the non-
GAAP measures used in the earnings release and the reconciliation to the most closely related
GAAP measure.


       Organic Sales Growth. Organic sales growth is a non-GAAP measure of sales growth
excluding the impacts of acquisitions, divestitures and foreign exchange from year-over-year
comparisons. The company believes this provides investors with a more complete understanding
of underlying sales trends by providing sales growth on a consistent basis. Organic sales is also
one of the measures used to evaluate senior management and is a factor in determining their at-
risk compensation.


       The reconciliation of reported net sales growth to organic sales in the January - March 2008
quarter:
                                                       Baby Care &
                                        Total P&G      Family Care
Net Sales Growth                            9%             8%
Less: Foreign Exchange Impact              -5%             -5%
Less: Acquisition/Divestiture Impact       +1%             +5%
Organic Sales Growth                        5%             8%


       Free Cash Flow. Free cash flow is defined as operating cash flow less capital spending.
Management views free cash flow as an important measure because it is one factor in determining
the amount of cash available for dividends and discretionary investment. Free cash flow is also
one of the measures used to evaluate senior management and is a factor in determining their at-
risk compensation.


       Free Cash Flow Productivity. Free cash flow productivity is defined as the ratio of free cash
flow to net earnings. The company’s long-term target is to generate free cash at or above 90
percent of net earnings. Free cash flow is also one of the measures used to evaluate senior
management and is a factor in determining their at-risk compensation.
The reconciliation of free cash flow and free cash flow productivity is provided below ($
millions):
                Operating    Capital     Free          Net          Free Cash Flow
                Cash Flow    Spending    Cash Flow     Earnings     Productivity
Jul – Mar ‘08   $11,718      $(1,852)    $9,866        $9,059            109%
Jan – Mar ’08   $4,347       $(668)      $3,679        $2,710            136%
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
                                              (Amounts in Millions Except Per Share Amounts)
                                                   Consolidated Earnings Information


                                                                   JFM QUARTER                                              FYTD

                                                      JFM 08            JFM 07        % CHG             3/31/2008          3/31/2007       % CHG
NET SALES                                         $     20,463      $     18,694          9%        $        62,237    $        57,204         9%
 COST OF PRODUCTS SOLD                                   9,974             9,057         10 %                29,887             27,210        10 %
GROSS MARGIN                                            10,489             9,637          9%                 32,350             29,994         8%
 SELLING, GENERAL & ADMINISTRATIVE EXPENSE               6,378             5,991          6%                 19,107             17,945         6%
OPERATING INCOME                                         4,111             3,646         13 %                13,243             12,049        10 %
 TOTAL INTEREST EXPENSE                                    364               279                              1,112                976
 OTHER NON-OPERATING INCOME, NET                            10               169                                395                429
EARNINGS BEFORE INCOME TAXES                             3,757             3,536             6%              12,526             11,502            9%
 INCOME TAXES                                            1,047             1,024                              3,467              3,430

NET EARNINGS                                             2,710             2,512             8%              9,059              8,072            12 %

EFFECTIVE TAX RATE                                      27.9 %            29.0 %                            27.7 %             29.8 %


PER COMMON SHARE:
 BASIC NET EARNINGS                               $       0.87      $       0.78            12 %    $         2.89     $         2.51            15 %
 DILUTED NET EARNINGS                             $       0.82      $       0.74            11 %    $         2.72     $         2.37            15 %
 DIVIDENDS                                        $       0.35      $       0.31            13 %    $         1.05     $         0.93            13 %
AVERAGE DILUTED SHARES OUTSTANDING                     3,301.2           3,397.3                           3,332.5            3,405.7




COMPARISONS AS A % OF NET SALES                                                      Basis Pt Chg                                         Basis Pt Chg
 COST OF PRODUCTS SOLD                                  48.7   %          48.4   %            30            48.0   %           47.6   %             40
 GROSS MARGIN                                           51.3   %          51.6   %           (30)           52.0   %           52.4   %           (40)
 SELLING, GENERAL & ADMINISTRATIVE EXPENSE              31.2   %          32.0   %           (80)           30.7   %           31.4   %           (70)
 OPERATING MARGIN                                       20.1   %          19.5   %            60            21.3   %           21.1   %             20
 EARNINGS BEFORE INCOME TAXES                           18.4   %          18.9   %           (50)           20.1   %           20.1   %           -
 NET EARNINGS                                           13.2   %          13.4   %           (20)           14.6   %           14.1   %             50
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
                                                (Amounts in Millions)
                                         Consolidated Cash Flows Information

                                                                           Nine Months Ended March 31
                                                                                 2008                               2007

BEGINNING CASH                                                                      5,354                          6,693

OPERATING ACTIVITIES
  NET EARNINGS                                                                      9,059                          8,072
  DEPRECIATION AND AMORTIZATION                                                     2,270                          2,367
  SHARE BASED COMPENSATION EXPENSE                                                    396                            482
  DEFERRED INCOME TAXES                                                             1,065                            306
  CHANGES IN:
    ACCOUNTS RECEIVABLE                                                               253                          (866)
    INVENTORIES                                                                    (1,077)                         (636)
    ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES                                  (410)                         (233)
    OTHER OPERATING ASSETS & LIABILITIES                                             (385)                           38
  OTHER                                                                               547                           323

TOTAL OPERATING ACTIVITIES                                                         11,718                          9,853

INVESTING ACTIVITIES
  CAPITAL EXPENDITURES                                                             (1,852)                     (1,996)
  PROCEEDS FROM ASSET SALES                                                           759                         257
  ACQUISITIONS, NET OF CASH ACQUIRED                                                   36                        (167)
  CHANGE IN INVESTMENT SECURITIES                                                    (188)                        725

TOTAL INVESTMENT ACTIVITIES                                                        (1,245)                     (1,181)

FINANCING ACTIVITIES
  DIVIDENDS TO SHAREHOLDERS                                                     (3,385)                       (3,069)
  CHANGE IN SHORT-TERM DEBT                                                      1,216                         9,074
  ADDITIONS TO LONG TERM DEBT                                                    6,534                         1,403
  REDUCTION OF LONG TERM DEBT                                                  (10,227)                      (16,088)
  IMPACT OF STOCK OPTIONS AND OTHER                                              1,436                         1,213
  TREASURY PURCHASES                                                            (8,035)                       (4,061)

TOTAL FINANCING ACTIVITIES                                                     (12,461)                      (11,528)

EXCHANGE EFFECT ON CASH                                                              371                            157

CHANGE IN CASH AND CASH EQUIVALENTS                                                (1,617)                     (2,699)

ENDING CASH                                                                         3,737                          3,994




                                THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
                                                (Amounts in Millions)
                                        Consolidated Balance Sheet Information

                                                                  March 31, 2008                   June 30, 2007

CASH AND CASH EQUIVALENTS                                    $                  3,737         $                5,354
INVESTMENTS SECURITIES                                                            341                            202
ACCOUNTS RECEIVABLE                                                             6,934                          6,629
TOTAL INVENTORIES                                                               8,427                          6,819
OTHER                                                                           6,303                          5,027
TOTAL CURRENT ASSETS                                                           25,742                         24,031

NET PROPERTY, PLANT AND EQUIPMENT                                              20,334                         19,540
NET GOODWILL AND OTHER INTANGIBLE ASSETS                                       93,950                         90,178
OTHER NON-CURRENT ASSETS                                                        5,379                          4,265

TOTAL ASSETS                                                 $                145,405         $              138,014



ACCOUNTS PAYABLE                                             $                  5,535         $                5,710
ACCRUED AND OTHER LIABILITIES                                                  11,757                          9,586
TAXES PAYABLE                                                                     684                          3,382
DEBT DUE WITHIN ONE YEAR                                                       13,287                         12,039
TOTAL CURRENT LIABILITIES                                                      31,263                         30,717
LONG-TERM DEBT                                                                 23,673                         23,375
OTHER                                                                          20,880                         17,162
TOTAL LIABILITIES                                                              75,816                         71,254
TOTAL SHAREHOLDERS' EQUITY                                                     69,589                         66,760
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY                     $                145,405         $              138,014
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
                                                              (Amounts in Millions)
                                                        Consolidated Earnings Information


                                                                                                Three Months Ended March 31, 2008
                                                                                          % Change      Earnings   % Change                   % Change
                                                                                            Versus        Before     Versus            Net      Versus
                                                                             Net Sales    Year Ago Income Taxes    Year Ago       Earnings    Year Ago

 Beauty                                                               $         4,743          9% $           784        -1% $        589         -2%
 Grooming                                                                       1,977         13%             551        28%          403         30%
Beauty GBU                                                                      6,720         10%           1,335         9%          992          9%

 Health Care                                                                    3,651         11%             943         14%         617         15%
 Snacks, Coffee and Pet Care                                                    1,207         11%             171        -10%         105         -9%
Health and Well-Being GBU                                                       4,858         11%           1,114          9%         722         11%

 Fabric Care and Home Care                                                      5,759         10%           1,165        10%          781         12%
 Baby Care and Family Care                                                      3,531          8%             739        22%          471         23%
Household Care GBU                                                              9,290          9%           1,904        14%        1,252         16%

Total Business Segments                                                        20,868         10%           4,353        12%        2,966         12%
Corporate                                                                        (405)        N/A            (596)       N/A         (256)        N/A
Total Company                                                                  20,463          9%           3,757         6%        2,710          8%


                                                                                                 Nine Months Ended March 31, 2008
                                                                                          % Change       Earnings  % Change                   % Change
                                                                                            Versus         Before     Versus           Net      Versus
                                                                             Net Sales    Year Ago Income Taxes     Year Ago      Earnings    Year Ago

 Beauty                                                               $        14,479          8% $         2,788         5% $      2,161          6%
 Grooming                                                                       6,153         11%           1,761        19%        1,283         19%
Beauty GBU                                                                     20,632          9%           4,549        10%        3,444         10%

 Health Care                                                                   10,982          9%           2,979        12%        1,980         11%
 Snacks, Coffee and Pet Care                                                    3,632          7%             556        -2%          345         -2%
Health and Well-Being GBU                                                      14,614          9%           3,535         9%        2,325          9%

 Fabric Care and Home Care                                                     17,737         10%           3,827         9%        2,579          9%
 Baby Care and Family Care                                                     10,325          9%           2,069        18%        1,319         19%
Household Care GBU                                                             28,062         10%           5,896        12%        3,898         12%

Total Business Segments                                                        63,308          9%          13,980        11%        9,667         11%
Corporate                                                                      (1,071)        N/A          (1,454)       N/A         (608)        N/A
Total Company                                                                  62,237          9%          12,526         9%        9,059         12%


                                                                                 JANUARY - MARCH NET SALES INFORMATION
                                                                                        (Percent Change vs. Year Ago) *
                                                          Volume              Volume
                                                             With             Without
                                                      Acquisitions/       Acquisitions/    Foreign                                Net Sales
                                                       Divestitures        Divestitures   Exchange           Price   Mix/Other     Growth
Beauty GBU
 Beauty                                                        3%                  3%          6%              0%          0%          9%
 Grooming                                                      6%                  6%          7%              2%         -2%         13%

Health and Well-Being GBU
 Health Care                                                   6%                  6%          6%              0%         -1%         11%
 Snacks, Coffee and Pet Care                                   4%                  4%          3%              5%         -1%         11%

Household Care GBU
 Fabric Care and Home Care                                     6%                  6%          5%              0%         -1%         10%
 Baby Care and Family Care                                     1%                  7%          5%              1%          1%          8%

Total Company                                                  4%                  5%          5%              1%         -1%          9%


                                                                               FISCAL YEAR 2007/2008 NET SALES INFORMATION
                                                                                          (Percent Change vs. Year Ago) *
                                                          Volume              Volume
                                                             With             Without
                                                      Acquisitions/       Acquisitions/  Foreign                               Total
                                                       Divestitures        Divestitures Exchange           Price    Mix/Other Impact
Beauty GBU
 Beauty                                                        3%                  3%          5%              0%          0%          8%
 Grooming                                                      6%                  7%          7%              1%         -3%         11%

Health and Well-Being GBU
 Health Care                                                   5%                  4%          5%              0%         -1%          9%
 Snacks, Coffee and Pet Care                                   2%                  2%          3%              2%          0%          7%

Household Care GBU
 Fabric Care and Home Care                                     7%                  7%          5%              0%         -2%         10%
 Baby Care and Family Care                                     4%                  8%          5%              0%          0%          9%

Total Company                                                  5%                  6%          5%              0%         -1%          9%

* These sales percentage changes are approximations based on quantitative formulas that are consistently applied.

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P&G Reports $0.82 EPS, Up 11%, On 13% Operating Profit Growth

  • 1. The Procter & Gamble Company One P&G Plaza News Release Cincinnati, OH 45202 FOR IMMEDIATE RELEASE P&G REPORTS $0.82 EPS, UP 11%, ON 13% OPERATING PROFIT GROWTH CINCINNATI, April 30, 2008 - The Procter & Gamble Company (NYSE: PG) announced diluted net earnings per share growth of 11 percent to $0.82 per share. Earnings were driven by net sales growth, continuing focus on cost control and Gillette synergy benefits, which more than offset higher commodity costs. Operating profit margin improved 60-basis points, driving a 13 percent increase in operating profit. Net sales increased nine percent to $20.5 billion. Organic volume and sales were both up five percent. Five of the company’s six segments delivered mid- single digit or higher organic volume growth. “This quarter is yet another demonstration of the power of P&G’s product category and geographic diversification and disciplined focus on cash and cost productivity,” said A.G. Lafley, chairman of the board and chief executive officer. “P&G delivered strong results in-line with long- term targets in a challenging economic and competitive environment with broad-based sales and share growth, earnings growth and overhead cost improvement.” Executive Summary • Net sales increased nine percent to $20.5 billion on four percent volume growth. Growth was broad-based as every segment delivered year-on-year volume and net sales growth. Organic volume and organic sales, which exclude the impacts of acquisitions, divestitures and foreign exchange, each grew five percent. • Operating profit was up 13 percent to $4.1 billion. Operating margin improved 60-basis points as a result of cost savings projects, Gillette synergy benefits, improved overhead costs and volume leverage, which more than offset higher commodity costs. • Diluted net earnings per share increased 11 percent to $0.82 for the quarter. • Operating cash flow was $4.3 billion for the quarter. Free cash flow was 136% of net earnings for the quarter and 109% year-to-date, well ahead of the company’s 90% annual target. - More -
  • 2. Financial Highlights Net sales for the quarter increased nine percent to $20.5 billion. Volume was up four percent, including a negative one percent impact from the Western European Tissue divestiture. Favorable foreign exchange added five percent to net sales. Organic sales grew ahead of organic volume in both developed and developing regions. Disproportionate growth in developing regions drove a negative one percent mix impact. Price increases had a positive one percent impact on net sales. Volume grew primarily behind successful product initiatives and continued double-digit volume growth in developing regions. Growth was broad-based as 18 of our 22 top categories, representing over 90% of total net sales, delivered year-on-year organic volume growth. A number of the company’s key brands, including Always, Ariel, Dolce & Gabbana, Febreze, Fusion, Gain, Head & Shoulders, Naturella, Pampers, Pringles, Rejoice, Venus and Vicks, delivered at least high-single digit global volume growth. Diluted net earnings per share increased 11 percent for the quarter to $0.82 behind strong operating profit growth. Operating profit was up 13 percent as a result of higher net sales and improved operating margin. Operating margin was up 60-basis points as a reduction in overhead spending as a percent of net sales more than offset higher commodity and energy costs. Gross margin was down 30-basis points to 51.3% of net sales during the quarter. Higher commodity and energy costs had a negative impact of over 220-basis points. Most of this negative cost impact was offset by volume leverage, pricing and cost savings projects. Selling, general and administrative expenses (SG&A) were 31.2% of net sales, an 80-basis point improvement versus the prior year period due to lower overhead spending as a percent of net sales. Overhead spending improved as a result of increased productivity, Gillette synergies and scale leverage. Marketing spending was up nine percent, in-line with net sales growth. Other non-operating income for the quarter was down $159 million versus the prior-year period primarily due to higher divestiture gains and investment income in the base period. Interest expense increased $85 million largely due to higher debt levels to support the company’s share repurchase program. Operating cash flow was $4.3 billion for the quarter, driven primarily by strong earnings results, an unusually large deferred tax benefit and a decrease in accounts receivable. Free cash flow was 136% of net earnings for the quarter, well ahead of the company’s 90% annual target. Capital expenditures were 3.3% of net sales during the quarter.
  • 3. The company repurchased $2.6 billion of P&G stock during the quarter as part of the company's previously announced share repurchase program. The company has repurchased $8.0 billion of P&G stock since the inception of this program in July 2007, a level consistent with the company’s three year $24 - $30 billion share repurchase plan. Combined with $3.4 billion in dividends, P&G has distributed $11.4 billion to shareholders fiscal year to date, or 126% of net earnings. Business Segment Discussion The following provides perspective on the company’s January - March quarter results by business segment. Beauty GBU • Beauty net sales increased nine percent for the quarter to $4.7 billion. Net sales were up on three percent volume growth and a six percent favorable foreign exchange impact. Volume was up mid-single digits in Hair Color behind the Nice ‘N Easy Perfect 10 launch and in Cosmetics behind the Cover Girl Lash Blast mascara initiative. Retail Hair Care volume was up mid-single digits as high-teens growth on Head & Shoulders and double-digit growth on Rejoice were partially offset by a decline on Pantene in North America. Organic volume in Prestige Fragrances was up mid-single digits as a result of new product launches on Gucci, Hugo Boss and Dolce & Gabbana. All-in volume on Prestige Fragrances was up low-single digits due to minor brand divestitures. Professional Hair Care shipments were in-line with the prior year period as strong growth in Central and Eastern Europe was offset by a low-single digit decline in developed markets. Net earnings in Beauty were down two percent to $589 million as the impact of higher net sales was more than offset by higher commodity costs and base period gains from minor Wella fragrance brand divestitures. • Grooming net sales increased 13 percent to $2.0 billion behind six percent volume growth and a seven percent favorable foreign exchange impact. Price increases taken across premium shaving systems added two percent to net sales. Product mix had a negative two percent impact on net sales as favorable mix from growth on Fusion was more than offset by a negative mix impact from disproportionate growth in developing regions. Blades & Razors volume was up high-single digits behind double-digit volume growth in developing regions on the successful expansion of Fusion and the launch of Venus Embrace in North America. These gains more than offset the base period impact of pipeline volume related to the Fusion launch in several Western European markets. Fusion will deliver more than $1 billion in net sales this fiscal year, making it P&G’s 24th billion dollar brand and the fastest ever to reach this milestone, including
  • 4. Mach3. Blades & Razors net sales grew significantly ahead of volume as favorable product mix on Fusion from the business’ trade-up strategy, higher pricing and favorable foreign exchange more than offset the impact of disproportionate developing region growth. Braun volume was down mid-single digits. High-single digit volume growth in developing regions was more than offset by softness in Western Europe and lower volume in home appliances resulting from supply constraints at a contract manufacturer and the previously announced exit of the U.S. home appliances business. Net earnings in Grooming were up 30 percent for the quarter to $403 million behind higher net sales, lower overhead spending and a more profitable product mix. Health & Well-Being GBU • Health Care net sales were up 11 percent during the quarter to $3.7 billion. Net sales growth was driven by a six percent increase in volume and a six percent favorable foreign exchange impact, partially offset by a negative one percent mix impact. Feminine Care volume was up high-single digits behind double-digit growth on Naturella and high-single digit growth on Always. Oral Care volume increased mid-single digits behind the Crest and Oral-B brands. Volume in Pharmaceuticals and Personal Health was up mid-single digits as the addition of the SPD Swiss Precision Diagnostics GmbH joint venture and high-single digit growth on Vicks more than offset low-single digit growth in Pharmaceuticals. Net earnings in Health Care were up 15 percent to $617 million behind net sales growth and improved overhead expenses as a percent of net sales. • Snacks, Coffee and Pet Care net sales increased 11 percent to $1.2 billion. Net sales were up as a result of a five percent pricing impact, four percent volume growth and three points of favorable foreign exchange, partially offset by a negative one percent product mix impact. Snacks volume increased double-digits driven by the Pringles Rice Infusion and Pringles Extreme Flavors initiatives. Coffee volume was up low-single digits behind the Dunkin’ Donuts® license agreement, which was not in the year-ago period. Pet Care volume was down low-single digits due to continued impacts from the voluntary wet pet food recall. Net earnings in Snacks, Coffee and Pet Care were down nine percent to $105 million due to the receipt in the base period of a Hurricane Katrina insurance payment. The impact of higher net sales in the current quarter was partially offset by higher commodity costs. Household Care GBU • Fabric Care and Home Care net sales increased 10 percent to $5.8 billion on six percent volume growth. Favorable foreign exchange added five percent to net sales, but was partially
  • 5. offset by a negative one percent mix impact driven primarily by disproportionate growth in developing regions. Fabric Care volume was up high-single digits behind double-digit developing region growth and strong initiative results on Ariel, Downy, Gain and Tide, including continued success on the liquid laundry detergent compaction expansion in North America. Home Care volume was up mid-single digits as a result of continued success on Febreze Candles and the expansion of Fairy auto-dishwashing in Western Europe. Batteries volume was up mid-single digits as strong growth in developing regions more than offset market softness in North America. Net earnings in Fabric Care and Home Care increased 12 percent to $781 million as higher net sales, cost savings projects and lower overhead expenses as a percent of net sales more than offset higher commodity costs. • Baby Care and Family Care net sales increased eight percent to $3.5 billion. Volume was up one percent, including the impact of the Western European Tissue divestiture. Price increases in both Baby Care and Family Care and favorable product mix each contributed one percent to net sales and favorable foreign exchange added five percent. Organic sales were up eight percent behind a seven percent increase in organic volume. Baby Care volume was up high- single digits behind double-digit growth in developing regions and continued success on Baby Dry and Swaddlers in developed regions. Family Care organic volume was up high-single digits behind strong growth on both Charmin and Bounty. Net earnings in Baby Care and Family Care were up 23 percent to $471 million as net sales growth, cost savings projects and a more profitable product mix more than offset higher commodity costs. Fiscal Year and April - June Quarter Guidance For the 2008 fiscal year, the company expects organic volume and organic sales to both grow approximately five percent. Pricing is expected to add one percentage point to net sales growth, as the company has announced price increases to offset the impact from higher materials and energy costs. Mix is estimated to reduce net sales growth by one percent due to rapid growth of developing markets. In addition, foreign exchange is expected to add approximately five percent to net sales, and the net impact of acquisitions and divestitures is expected to reduce net sales by one percent. In total, the company expects all-in net sales to grow approximately nine percent versus the prior fiscal year. P&G now expects earnings per share to be in the range of $3.48 to $3.50 for fiscal year 2008. This is an increase compared to the company’s prior guidance range of $3.46 to $3.50 due to the strong January - March quarter results. The company now estimates operating margins to improve by 20 or more basis points for the year, as overhead productivity improvements, pricing
  • 6. and cost savings programs should more than offset the impact of higher materials and energy costs. For the April - June quarter, P&G expects organic sales growth of four to six percent. This includes a net pricing and mix benefit of approximately one percent. Foreign exchange is estimated to add five to six percent to net sales growth, and the net impact of acquisitions and divestitures is expected to reduce net sales by one to two percent. Total net sales are expected to increase eight to ten percent. Operating margins are expected to improve modestly as the benefits from overhead productivity savings, pricing and other cost savings programs should more than offset the impact of higher input costs. Gross margins are expected to decline versus prior year. The tax rate for the quarter is estimated to be about 28%. The company expects earnings per share to be in the range of $0.76 to $0.78 per share of the fourth quarter. Forward Looking Statements All statements, other than statements of historical fact included in this release, are forward- looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on financial data, market assumptions and business plans available only as of the time the statements are made, which may become out of date or incomplete. We assume no obligation to update any forward-looking statement as a result of new information, future events or other factors. Forward-looking statements are inherently uncertain, and investors must recognize that events could differ significantly from our expectations. In addition to the risks and uncertainties noted in this release, there are certain factors that could cause actual results to differ materially from those anticipated by some of the statements made. These include: (1) the ability to achieve business plans, including with respect to lower income consumers and growing existing sales and volume profitably despite high levels of competitive activity, especially with respect to the product categories and geographical markets (including developing markets) in which the Company has chosen to focus; (2) the ability to successfully execute, manage and integrate key acquisitions and mergers, including (i) the Domination and Profit Transfer Agreement with Wella, and (ii) the Company’s merger with The Gillette Company, and to achieve the cost and growth synergies in accordance with the stated goals of these transactions; (3) the ability to manage and maintain key customer relationships; (4) the ability to maintain key manufacturing and supply sources (including sole supplier and plant manufacturing sources); (5) the ability to successfully manage regulatory, tax and legal matters (including product liability, patent, and intellectual property matters as well as those related to the integration of Gillette and its
  • 7. subsidiaries), and to resolve pending matters within current estimates; (6) the ability to successfully implement, achieve and sustain cost improvement plans in manufacturing and overhead areas, including the Company's outsourcing projects; (7) the ability to successfully manage currency (including currency issues in volatile countries), debt, interest rate and commodity cost exposures; (8) the ability to manage continued global political and/or economic uncertainty and disruptions, especially in the Company's significant geographical markets, as well as any political and/or economic uncertainty and disruptions due to terrorist activities; (9) the ability to successfully manage competitive factors, including prices, promotional incentives and trade terms for products; (10) the ability to obtain patents and respond to technological advances attained by competitors and patents granted to competitors; (11) the ability to successfully manage increases in the prices of raw materials used to make the Company's products; (12) the ability to stay close to consumers in an era of increased media fragmentation; (13) the ability to stay on the leading edge of innovation and maintain a positive reputation on our brands; and (14) the ability to successfully separate the company’s coffee business. For additional information concerning factors that could cause actual results to materially differ from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports. About Procter & Gamble Three billion times a day, P&G brands touch the lives of people around the world. The company has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®, Gain®, Pringles®, Folgers®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Actonel®, Duracell®, Olay®, Head & Shoulders®, Wella®, Gillette®, and Braun®. The P&G community consists of 138,000 employees working in over 80 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands. # # # P&G Media Contact: Paul Fox - 513.983.3465 P&G Investor Relations Contact: Mark Erceg - 513.983.2414
  • 8. The Procter & Gamble Company Exhibit 1: Non-GAAP Measures In accordance with the SEC’s Regulation G, the following provides definitions of the non- GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure. Organic Sales Growth. Organic sales growth is a non-GAAP measure of sales growth excluding the impacts of acquisitions, divestitures and foreign exchange from year-over-year comparisons. The company believes this provides investors with a more complete understanding of underlying sales trends by providing sales growth on a consistent basis. Organic sales is also one of the measures used to evaluate senior management and is a factor in determining their at- risk compensation. The reconciliation of reported net sales growth to organic sales in the January - March 2008 quarter: Baby Care & Total P&G Family Care Net Sales Growth 9% 8% Less: Foreign Exchange Impact -5% -5% Less: Acquisition/Divestiture Impact +1% +5% Organic Sales Growth 5% 8% Free Cash Flow. Free cash flow is defined as operating cash flow less capital spending. Management views free cash flow as an important measure because it is one factor in determining the amount of cash available for dividends and discretionary investment. Free cash flow is also one of the measures used to evaluate senior management and is a factor in determining their at- risk compensation. Free Cash Flow Productivity. Free cash flow productivity is defined as the ratio of free cash flow to net earnings. The company’s long-term target is to generate free cash at or above 90 percent of net earnings. Free cash flow is also one of the measures used to evaluate senior management and is a factor in determining their at-risk compensation.
  • 9. The reconciliation of free cash flow and free cash flow productivity is provided below ($ millions): Operating Capital Free Net Free Cash Flow Cash Flow Spending Cash Flow Earnings Productivity Jul – Mar ‘08 $11,718 $(1,852) $9,866 $9,059 109% Jan – Mar ’08 $4,347 $(668) $3,679 $2,710 136%
  • 10. THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES (Amounts in Millions Except Per Share Amounts) Consolidated Earnings Information JFM QUARTER FYTD JFM 08 JFM 07 % CHG 3/31/2008 3/31/2007 % CHG NET SALES $ 20,463 $ 18,694 9% $ 62,237 $ 57,204 9% COST OF PRODUCTS SOLD 9,974 9,057 10 % 29,887 27,210 10 % GROSS MARGIN 10,489 9,637 9% 32,350 29,994 8% SELLING, GENERAL & ADMINISTRATIVE EXPENSE 6,378 5,991 6% 19,107 17,945 6% OPERATING INCOME 4,111 3,646 13 % 13,243 12,049 10 % TOTAL INTEREST EXPENSE 364 279 1,112 976 OTHER NON-OPERATING INCOME, NET 10 169 395 429 EARNINGS BEFORE INCOME TAXES 3,757 3,536 6% 12,526 11,502 9% INCOME TAXES 1,047 1,024 3,467 3,430 NET EARNINGS 2,710 2,512 8% 9,059 8,072 12 % EFFECTIVE TAX RATE 27.9 % 29.0 % 27.7 % 29.8 % PER COMMON SHARE: BASIC NET EARNINGS $ 0.87 $ 0.78 12 % $ 2.89 $ 2.51 15 % DILUTED NET EARNINGS $ 0.82 $ 0.74 11 % $ 2.72 $ 2.37 15 % DIVIDENDS $ 0.35 $ 0.31 13 % $ 1.05 $ 0.93 13 % AVERAGE DILUTED SHARES OUTSTANDING 3,301.2 3,397.3 3,332.5 3,405.7 COMPARISONS AS A % OF NET SALES Basis Pt Chg Basis Pt Chg COST OF PRODUCTS SOLD 48.7 % 48.4 % 30 48.0 % 47.6 % 40 GROSS MARGIN 51.3 % 51.6 % (30) 52.0 % 52.4 % (40) SELLING, GENERAL & ADMINISTRATIVE EXPENSE 31.2 % 32.0 % (80) 30.7 % 31.4 % (70) OPERATING MARGIN 20.1 % 19.5 % 60 21.3 % 21.1 % 20 EARNINGS BEFORE INCOME TAXES 18.4 % 18.9 % (50) 20.1 % 20.1 % - NET EARNINGS 13.2 % 13.4 % (20) 14.6 % 14.1 % 50
  • 11. THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES (Amounts in Millions) Consolidated Cash Flows Information Nine Months Ended March 31 2008 2007 BEGINNING CASH 5,354 6,693 OPERATING ACTIVITIES NET EARNINGS 9,059 8,072 DEPRECIATION AND AMORTIZATION 2,270 2,367 SHARE BASED COMPENSATION EXPENSE 396 482 DEFERRED INCOME TAXES 1,065 306 CHANGES IN: ACCOUNTS RECEIVABLE 253 (866) INVENTORIES (1,077) (636) ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES (410) (233) OTHER OPERATING ASSETS & LIABILITIES (385) 38 OTHER 547 323 TOTAL OPERATING ACTIVITIES 11,718 9,853 INVESTING ACTIVITIES CAPITAL EXPENDITURES (1,852) (1,996) PROCEEDS FROM ASSET SALES 759 257 ACQUISITIONS, NET OF CASH ACQUIRED 36 (167) CHANGE IN INVESTMENT SECURITIES (188) 725 TOTAL INVESTMENT ACTIVITIES (1,245) (1,181) FINANCING ACTIVITIES DIVIDENDS TO SHAREHOLDERS (3,385) (3,069) CHANGE IN SHORT-TERM DEBT 1,216 9,074 ADDITIONS TO LONG TERM DEBT 6,534 1,403 REDUCTION OF LONG TERM DEBT (10,227) (16,088) IMPACT OF STOCK OPTIONS AND OTHER 1,436 1,213 TREASURY PURCHASES (8,035) (4,061) TOTAL FINANCING ACTIVITIES (12,461) (11,528) EXCHANGE EFFECT ON CASH 371 157 CHANGE IN CASH AND CASH EQUIVALENTS (1,617) (2,699) ENDING CASH 3,737 3,994 THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES (Amounts in Millions) Consolidated Balance Sheet Information March 31, 2008 June 30, 2007 CASH AND CASH EQUIVALENTS $ 3,737 $ 5,354 INVESTMENTS SECURITIES 341 202 ACCOUNTS RECEIVABLE 6,934 6,629 TOTAL INVENTORIES 8,427 6,819 OTHER 6,303 5,027 TOTAL CURRENT ASSETS 25,742 24,031 NET PROPERTY, PLANT AND EQUIPMENT 20,334 19,540 NET GOODWILL AND OTHER INTANGIBLE ASSETS 93,950 90,178 OTHER NON-CURRENT ASSETS 5,379 4,265 TOTAL ASSETS $ 145,405 $ 138,014 ACCOUNTS PAYABLE $ 5,535 $ 5,710 ACCRUED AND OTHER LIABILITIES 11,757 9,586 TAXES PAYABLE 684 3,382 DEBT DUE WITHIN ONE YEAR 13,287 12,039 TOTAL CURRENT LIABILITIES 31,263 30,717 LONG-TERM DEBT 23,673 23,375 OTHER 20,880 17,162 TOTAL LIABILITIES 75,816 71,254 TOTAL SHAREHOLDERS' EQUITY 69,589 66,760 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 145,405 $ 138,014
  • 12. THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES (Amounts in Millions) Consolidated Earnings Information Three Months Ended March 31, 2008 % Change Earnings % Change % Change Versus Before Versus Net Versus Net Sales Year Ago Income Taxes Year Ago Earnings Year Ago Beauty $ 4,743 9% $ 784 -1% $ 589 -2% Grooming 1,977 13% 551 28% 403 30% Beauty GBU 6,720 10% 1,335 9% 992 9% Health Care 3,651 11% 943 14% 617 15% Snacks, Coffee and Pet Care 1,207 11% 171 -10% 105 -9% Health and Well-Being GBU 4,858 11% 1,114 9% 722 11% Fabric Care and Home Care 5,759 10% 1,165 10% 781 12% Baby Care and Family Care 3,531 8% 739 22% 471 23% Household Care GBU 9,290 9% 1,904 14% 1,252 16% Total Business Segments 20,868 10% 4,353 12% 2,966 12% Corporate (405) N/A (596) N/A (256) N/A Total Company 20,463 9% 3,757 6% 2,710 8% Nine Months Ended March 31, 2008 % Change Earnings % Change % Change Versus Before Versus Net Versus Net Sales Year Ago Income Taxes Year Ago Earnings Year Ago Beauty $ 14,479 8% $ 2,788 5% $ 2,161 6% Grooming 6,153 11% 1,761 19% 1,283 19% Beauty GBU 20,632 9% 4,549 10% 3,444 10% Health Care 10,982 9% 2,979 12% 1,980 11% Snacks, Coffee and Pet Care 3,632 7% 556 -2% 345 -2% Health and Well-Being GBU 14,614 9% 3,535 9% 2,325 9% Fabric Care and Home Care 17,737 10% 3,827 9% 2,579 9% Baby Care and Family Care 10,325 9% 2,069 18% 1,319 19% Household Care GBU 28,062 10% 5,896 12% 3,898 12% Total Business Segments 63,308 9% 13,980 11% 9,667 11% Corporate (1,071) N/A (1,454) N/A (608) N/A Total Company 62,237 9% 12,526 9% 9,059 12% JANUARY - MARCH NET SALES INFORMATION (Percent Change vs. Year Ago) * Volume Volume With Without Acquisitions/ Acquisitions/ Foreign Net Sales Divestitures Divestitures Exchange Price Mix/Other Growth Beauty GBU Beauty 3% 3% 6% 0% 0% 9% Grooming 6% 6% 7% 2% -2% 13% Health and Well-Being GBU Health Care 6% 6% 6% 0% -1% 11% Snacks, Coffee and Pet Care 4% 4% 3% 5% -1% 11% Household Care GBU Fabric Care and Home Care 6% 6% 5% 0% -1% 10% Baby Care and Family Care 1% 7% 5% 1% 1% 8% Total Company 4% 5% 5% 1% -1% 9% FISCAL YEAR 2007/2008 NET SALES INFORMATION (Percent Change vs. Year Ago) * Volume Volume With Without Acquisitions/ Acquisitions/ Foreign Total Divestitures Divestitures Exchange Price Mix/Other Impact Beauty GBU Beauty 3% 3% 5% 0% 0% 8% Grooming 6% 7% 7% 1% -3% 11% Health and Well-Being GBU Health Care 5% 4% 5% 0% -1% 9% Snacks, Coffee and Pet Care 2% 2% 3% 2% 0% 7% Household Care GBU Fabric Care and Home Care 7% 7% 5% 0% -2% 10% Baby Care and Family Care 4% 8% 5% 0% 0% 9% Total Company 5% 6% 5% 0% -1% 9% * These sales percentage changes are approximations based on quantitative formulas that are consistently applied.