Assignment #6
October 10th, 2016
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%.