Consolidated Statements of Earnings

Amounts in millions except per share amounts; Years ended June 30	2010	2009	2008
See accompanying Notes to Consolidated Financial Statements.
NET SALES	$78,938	$76,694	$79,257
Cost of products sold	37,919	38,690	39,261
Selling, general and administrative expense	24,998	22,630	24,017
OPERATING INCOME	16,021	15,374	15,979
Interest expense	946	1,358	1,467
Other non-operating income/(expense), net	(28)	397	373
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	15,047	14,413	14,885
Income taxes on continuing operations	4,101	3,733	3,594
NET EARNINGS FROM CONTINUING OPERATIONS	10,946	10,680	11,291
NET EARNINGS FROM DISCONTINUED OPERATIONS	1,790	2,756	784
NET EARNINGS	$12,736	$13,436	$12,075
BASIC NET EARNINGS PER COMMON SHARE:
Earnings from continuing operations	$ 3.70	$ 3.55	$ 3.61
Earnings from discontinued operations	0.62	0.94	0.25
BASIC NET EARNINGS PER COMMON SHARE	4.32	4.49	3.86
DILUTED NET EARNINGS PER COMMON SHARE:
Earnings from continuing operations	3.53	3.39	3.40
Earnings from discontinued operations	0.58	0.87	0.24
DILUTED NET EARNINGS PER COMMON SHARE	4.11	4.26	3.64
DIVIDENDS PER COMMON SHARE	$ 1.80	$ 1.64	$ 1.45

Current Report

P&G 2010 Annual Report

Our single, unifying growth strategy is rooted in our enduring Purpose: We will grow by touching and improving more consumers' lives in more parts of the world…more completely.

Past Report

P&G 2009 Annual Report

We are designed to lead through our well-known, trusted brands and the most diverse, experienced leadership team in our history.

*Financial information in this 8-K has been updated to reflect the results of the global pharmaceuticals business as discontinued operations, consistent with current presentation. All other historical material on this page has not been updated to be consistent with the Company’s current presentation of financial results.