Colgate-Palmolive Company this week reported worldwide net sales of $3.762 million in first quarter 2016, a decrease of 7.5% versus first quarter 2015. Excluding divested businesses and the impact of the previously disclosed deconsolidation of the company's Venezuelan operations, unit volume increased 3.5%, pricing increased 1.5% and foreign exchange was negative 8.0%. Organic sales—net sales excluding foreign exchange, acquisitions, divestments and the impact of the deconsolidation of the company's Venezuelan operations—grew 5.0%.
Gross profit margin was 59.8% in first quarter 2016 versus 58.8% in first quarter 2015. Excluding charges from the 2012 restructuring program in both periods, gross profit margin was 60% in first quarter 2016, an increase of 110 basis points versus the year ago quarter. Cost savings from the company's funding-the-growth initiatives and the 2012 restructuring program and higher pricing were partially offset by higher raw and packaging material costs, including foreign exchange transaction costs and the impact of the deconsolidation of the company's Venezuelan operations, effective Dec. 31, 2015.
“In the face of continued challenging macroeconomic conditions worldwide, we are pleased to start the year with another quarter of strong organic sales growth, with every operating division contributing,” said Ian Cook, chairman, president and chief executive officer.
