P&G posts first quarterly sales miss in over a year

P&G posts first quarterly sales miss in over a year

Procter & Gamble Co reported lower-than-expected quarterly sales on Thursday, its first miss in five quarters, hurt by a stronger dollar, sending its shares down about 2per cent.

The logo for Procter & Gamble Co. is displayed on a screen on the floor of the NYSE in New York
FILE PHOTO: The logo for Procter & Gamble Co. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid

REUTERS: Procter & Gamble Co on Thursday (Jan 23) reported its first quarterly sales miss in over a year, hurt by weakness in its baby and feminine care business that sells everything from deodorants to diapers.

The owner of Pantene shampoo and Oral-B toothpaste has been investing heavily to develop new products, improve packaging and marketing as it tries to appeal to younger consumers and fight competition from Unilever, Reckitt-Benckiser and local upstarts.

Sales of P&G's fabric and home care products rose 4 per cent to US$5.79 billion, while baby and feminine products rose 1 per cent to US$4.58 billion, both falling short of estimates.

Net sales rose 4.6 per cent to US$18.24 billion, slightly below the average analyst estimate of US$18.37 billion, according to IBES data from Refinitiv.

Net earnings attributable to P&G rose to US$3.72 billion, or US$1.41 per share, in the second quarter ended Dec 31, from US$3.19 billion, or US$1.22 per share, a year earlier.

The Cincinnati, Ohio-based company's shares were down 1.4 per cent in trading before the opening bell.

Source: Reuters

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