P&G Q1'15 Preview: Markets Slowdown And Currency Headwinds Should Test P&G Brands

Despite the weak top line performance, due to extreme currency volatility, P&G has managed to expand its margins on a year-on-year basis through prudent reductions in manufacturing and non-manufacturing overhead expenses. The operating profit margin for FY14 stood 1 percentage point higher over FY13, at 18.4%. Similarly, the net earnings margin (from continuing operations) expanded 40 basis points to 14.1% in FY14.