Earnings per share, excluding restructuring charges, will grow in the mid-teens range, P&G said. P&G said it expects double-digit volume growth -- or high single digits excluding last year's acquisition of the Clairol business -- and sales growth in the high single-digit range, excluding foreign currency effects. Currency is having a slight positive effect on sales, P&G said.
The company did not specify the effect of the Clairol acquisition on quarterly sales, but Clairol has boosted P&G's annual sales by about 4%.
Also not specified was by how much marketing spending is increasing in the quarter, but P&G said increased marketing, research and administrative costs would largely offset other improvements in gross margin.
Last month, P&G had said marketing spending was flat in the fourth quarter of fiscal 2002, despite the impact of the Clairol business, which has higher ad spending as a percent of sales than P&G's overall average.