Procter & Gamble trims fiscal 2Q sales outlook

[December 11, 2008]  CINCINNATI (AP) -- Procter & Gamble Co., maker of Gilette razors and Pampers diapers, said Thursday its fiscal second-quarter sales aren't tracking as expected due to the weak economy, but said it will still meet its quarterly and full-year profit goals.

The consumer products maker said organic sales, or sales not linked to acquisitions, won't meet their 4 percent to 6 percent growth target in the quarter ending in December. However, Cincinnati-based P&G still expects sales to grow between 4 percent and 6 percent to a range of $86.84 billion to $88.51 billion for its 2009 fiscal year ending in June.

Procter & Gamble said second-quarter sales will rise less than expected because retailers, distributors and customers worldwide are cutting back on their spending. The estimates imply Procter & Gamble expects revenue of no more than $22.44 billion in the second quarter.

P&G maintained its outlook, issued last month, for quarterly profit of $1.58 to $1.63 per share and full-year earnings of $4.28 to $4.38 per share. On average, analysts expect the company to earn $1.58 per share on $21.38 billion in revenue in the second quarter, and $4.28 per share for the year on $84.36 billion in revenue.

The company, which also makes Crest toothpaste, Pringles potato chips and Iams pet food, is holding its analyst meeting Thursday in New York City, beginning at 8:30 a.m. EST.

[Associated Press]

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