P&G's fourth-quarter diluted EPS fell 15% to $1.26 as aggressive marketing spending offset modest sales gains. Selling, general and administrative costs as a%age of sales rose 160 basis points versus the prior year, driven primarily by 410 basis points of reinvestments in marketing and products. The company's productivity savings of 300 basis points in core SG&A weren't enough to counterbalance the spending push. Core operating margin declined 130 basis points for the quarter. The reinvestment strategy aligns with President and Chief Executive Officer Shailesh Jejurikar's stated focus on delighting consumers with superior products and value

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