At their annual shareholder meeting, Proctor & Gamble (PG) CEO A.G. Lafley said the company will focus on personal care and beauty categories to spur higher growth in the future.
Lafley said he believes the company can extend its reach by 1 billion customers across the world by the end of the decade. That would be quite some growth if the company attains that goal.
In Proctor & Gamble's beauty division, it's growing 30 percent quicker than other units, and also had margins 40 percent higher.
Lafley concluded: "We'll continue to shift P&G's portfolio towards fast growing, high margin businesses."
For the fiscal year, sales growth grew by 12 percent, with 5 percent of that being organic, he added. That means the numbers don't reflect currency arbitrage, acquisitions or divestitures.
Another great success for the company, is the performance of Gillette, which it acquired two years ago. It is projected they'll reach 1 billion in sales by the end of the next fiscal year. If that happens, it would make it P&G's fastest growing brand.
In addition to the focus on increasing growth rates, Lafley said there will still be challenges in cost containment, as competitors, along with rising energy and raw material costs have to be kept under control.
Success will be determined by continued innovation, financial discipline, maintaining core strengths and looking at the higher sales and margin categories, concluded Lafley.
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