P&G reports profits off 1 pct in 1Q

[October 29, 2009]  CINCINNATI (AP) -- The Procter & Gamble Co. says profit dropped slightly in its first quarter, as consumers around the world kept tight reins on spending for such household items as laundry detergent and shavers.

But the world's largest consumer products company sees signs of a rebound in results that were better than expected, and a better sales outlook for the rest of the year.

The maker of Tide and Pampers reported profits were off 1 percent at $3.35 billion, or 1.06 per share, compared to $3.31 billion, or $1.03 per share, a year ago. Sales fell 6 percent to 19.8 billion.

Analysts expected earnings of 99 cents on $19.83 billion for P&G, which is based in Cincinnati.

[Associated Press; By DAN SEWELL]

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