We finished 2020 in very strong fashion with our highest level of quarterly organic sales growth in over 10 years and our highest annual organic sales growth since the depths of the financial crisis.
Our net sales grew 7.5% in the quarter.
Organic sales growth of 8.5% was driven by 5% organic volume growth and a 3.5% increase in prices.
The impact of acquisitions added an additional 100 basis points to volume growth, while foreign exchange was a 2% headwind.
In the fourth quarter, our gross profit margin was 61.1% on both a GAAP basis where we were up 100 basis points year over year and a base business basis where we were up 90 basis points.
For the fourth quarter, pricing was 130 basis points favorable to gross margin while raw materials were a 320 basis-point headwind driven by increases in the cost of raw materials like fats and oils and the transactional impact from foreign exchange.
Productivity was a 280 basis-point benefit.
On a GAAP basis, our SG&A was up 260 basis points as a percent of sales for the fourth quarter and 100 basis points for the full year.
On the base business basis, in the fourth quarter, our SG&A was up 310 basis points on a percent of sales basis.
This was primarily driven by a 210 basis-point increase in advertising to sales as we drove strong activation on brand building, innovation, and e-commerce.
For the full year on a base business basis, our SG&A ratio was up 150 basis points driven primarily by a 100 basis-point increase in advertising to sales and increased logistics cost.
For the fourth quarter on a GAAP basis, our operating profit was up 4% year over year, while it was up 3% on a base business basis.
Our earnings per share was flat on a GAAP basis and up 5% on a base business basis.
For the full year, our earnings per share growth was 14% on a GAAP basis and 8% on a base business basis.
We delivered 18% growth in free cash flow for the full year.
North America delivered 10% net sales and 8.5% organic sales growth in the quarter, driven by premium innovation and increased consumption in categories impacted by the COVID pandemic.
Organic sales growth of 4.5% was driven by volume growth across all three segments; oral care, personal care, and home care, and in every hub.
We delivered 7% net sales and 5% organic sales growth in Asia Pacific led by volume growth across our biggest hubs; Greater China, India, the Philippines, and South Pacific.
Africa/Eurasia net sales declined 1.5% due to significant foreign exchange headwinds as the division delivered organic sales growth across all three categories and in every hub.
We expect organic sales growth to be within our 3% to 5% long-term target range.
We expect net sales to be up 4% to 7%.
We expect our gross profit margin to be up year over year in 2021 despite difficult comparisons given our performance in 2020, increases in raw materials, and the continuing uncertainty associated with COVID.
Our tax rate is expected to be between 23.5% to 24.5% on both the GAAP and base business basis.
So now I'll provide some thoughts on why I believe what we did last year leaves us well positioned to continue our growth journey in 2021 and beyond.
You can see this in our 2020 results where we delivered 8% earnings-per-share growth despite negative foreign exchange, while increasing brand building and investing in capabilities across the entire organization.
And all this paid off in more than 50% online growth in the fourth quarter and we'll exit the year with e-commerce at a double-digit run rate as a percentage of total sales.

Summary:
We expect organic sales growth to be within our 3% to 5% long-term target range.
We expect net sales to be up 4% to 7%.
We expect our gross profit margin to be up year over year in 2021 despite difficult comparisons given our performance in 2020, increases in raw materials, and the continuing uncertainty associated with COVID.
So now I'll provide some thoughts on why I believe what we did last year leaves us well positioned to continue our growth journey in 2021 and beyond.