Procter & Gamble second quarter profit falls
Currency shift and lower gross profit margin hits household product maker
Procter & Gamble Crest brand toothpaste sits on display in a supermarket. The world’s largest consumer-products maker left its 2014 sales growth forecast unchanged. Photograph: Daniel Acker/Bloomberg
Procter & Gamble Co, the world’s largest household products maker, reported lower quarterly profit today, hurt by unfavourable currency movements and lower gross profit margin.
The maker of Pampers left its 2014 sales growth forecast unchanged.
The company earned $3.43 billion, or $1.18 per share, in the fiscal second quarter, down from $4.06 billion, or $1.39 per share, a year earlier. Core earnings per share, excluding restructuring charges, fell 1 per cent to $1.21.
Sales rose 0.5 per cent to $22.28 billion, in line with the average Wall Street estimate, according to Thomson Reuters. Organic sales rose 3 per cent.