The Procter & Gamble Company PG has been gaining from robust pricing, segmental strength and improved productivity for a while. This led to better-than-expected top and bottom lines in first-quarter fiscal 2023. PG reported net sales of $20,612 million, increasing 1% year over year.On an organic basis (excluding the impacts of acquisitions, divestitures and foreign exchange), revenues improved 7%, backed by a 9% rise in pricing and a 1% gain from a positive product mix, offset by a 3% decline in volume. All the company’s business segments reported growth in organic sales. Organic sales rose 4% for Beauty, 5% for Grooming, 8% each for Fabric & Home Care, and Health Care segments, and 6% for the Baby, Feminine & Family Care segment.Procter & Gamble is focused on productivity and cost-saving plans to boost margins. Continued investment in business, and efforts to offset macro cost headwinds and balance top and bottom-line growth underscore its productivity efforts. PG is witnessing cost savings and efficiency improvements across all facets of its business.As a result, it expects $800 million worth COGS savings this year. PG’s core currency-neutral gross margin reflected a 100-bps gain from productivity savings in first-quarter fiscal 2023. On a currency-neutral basis, the operating margin expanded 10 bps to 24.8%, driven by gross productivity savings of 230 bps.Driven by these factors, management anticipates organic sales growth of 3-5% in fiscal 2023. In the past three months, shares of this presently Zacks Rank #3 (Hold) stock have gained 3.7% compared with the industry’s growth of 3.6%.Image Source: Zacks Investment ResearchDespite these upsides, Procter & Gamble has been witnessing supply-chain issues, higher transportation costs, geopolitical challenges, currency headwinds and rising inflation of late, which are hurting consumer confidence. PG anticipates all-in sales between down 3% and down 1% from the last fiscal year’s level for fiscal 2023 compared with flat to up 2% sales growth expected earlier.Currency movements are expected to negatively impact all-in sales growth 6% compared with the 3% impact projected earlier. Management expects reported EPS to be at the lower end of flat to up 4% due to the increased adverse currency impacts.Additionally, higher commodity and freight costs dented margins in the fiscal first quarter. In first-quarter fiscal 2023, Procter & Gamble’s gross margin contracted 160 basis points (bps) to 47.4%. The currency-neutral gross margin declined 130 bps to 47.7%. The decline in the gross margin was mainly due to a 510-bps commodity and input material cost inflation, reflecting a 40-bps increase in freight costs, a 130-bps negative product mix and other impacts, and a 30-bps headwind from product and packaging investments. Also, the operating margin declined 70 bps from the prior fiscal-year level to 24%. Consequently, core earnings of $1.57 per share declined 2% from $1.61 in the year-ago fiscal quarter.Procter & Gamble’s fiscal 2023 earnings view considers after-tax impacts of $1.3 billion related to unfavorable currency movements, a $2.4-BILLION impact of higher commodity and material costs, and a $200-MILLION impact from higher freight costs. This equates to a $3.9-BILLION after-tax impact on net income, implying a $1.57-per-share impact on EPS or a 23-percentage-point impact on EPS growth. The revised $3.9-BILLION headwinds mark a $600-MILLION increase from management’s prior view of $3.3 billion.ConclusionDespite cost headwinds and rising inflation, solid demand, brand strength and productivity efforts bode well and will likely help PG stay afloat. Also, a long-term earnings growth rate of 6% raises optimism on the stock.Stocks to ConsiderWe highlighted some better-ranked stocks from the broader Consumer Staples space, namely Coca-Cola FEMSA KOF, e.l.f. Beauty ELF and TreeHouse Foods THS.Coca-Cola FEMSA currently flaunts a Zacks Rank #1 (Strong Buy). KOF has a trailing four-quarter earnings surprise of 26%, on average. It has a long-term earnings growth rate of 10.3%. The stock has gained 7.7% in the past three months.You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Coca-Cola FEMSA’s current financial-year sales and earnings per share suggests growth of 15.6% and 6.2%, respectively, from the comparable year-ago reported numbers. The consensus mark for KOF’s earnings per share has moved up 9.8% in the past seven days.e.l.f. Beauty currently sports a Zacks Rank of 1. ELF has a trailing four-quarter earnings surprise of 77%, on average. The stock has rallied 29% in the past three months.The Zacks Consensus Estimate for e.l.f. Beauty’s current financial-year sales and earnings suggests growth of 17.6% and 8.3%, respectively, from the corresponding prior-year reported numbers. The consensus mark for ELF’s earnings per share has moved up a penny in the past seven days.TreeHouse Foods, manufacturing and distributing private-label foods and beverages, carries a Zacks Rank #2 (Buy) at present. THS has a trailing four-quarter earnings surprise of 56.3%, on average.The Zacks Consensus Estimate for THS’ current financial-year sales and EPS suggests a decline of 19.2% and 12.6%, respectively, from the corresponding year-ago reported numbers. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Procter & Gamble Company The (PG): Free Stock Analysis Report Coca Cola Femsa S.A.B. de C.V. (KOF): Free Stock Analysis Report TreeHouse Foods, Inc. (THS): Free Stock Analysis Report e.l.f. Beauty (ELF): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research