The Procter & Gamble Company posted financial results for the first quarter 2008. Net sales increased 9% to $20.5 billion. Operating profit was up 13% $4.1 billion.  

Based on the company’s January-March quarter results by business segment, beauty net sales increased 9% to $4.7 billion, but net earnings in beauty were down 2% to $589 million.

“This quarter is yet another demonstration of the power of P&G’s product category and geographic diversification and disciplined focus on cash and cost productivity,” said A.G. Lafley, chairman of the board and chief executive officer. “P&G delivered strong results in-line with long-term targets in a challenging economic and competitive environment with broad-based sales and share growth, earnings growth and overhead cost improvement.”