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Shares of the maker of Pampers diapers and Tide detergent were
down marginally at $80.43 on Thursday.
P&G also said it expected sales to fall in the low-to-mid single
digits next year due to the strong dollar.
The company said on Tuesday that David Taylor would replace A.G.
Lafley as chief executive in November, as it looks to reverse
the trend of falling sales.
P&G has sold off about 50 brands since 2014 in an attempt to
streamline its portfolio and focus on faster-growing product
lines.
The latest round of divestitures comprised 43 brands, including
Wella and Clairol hair care products, which P&G sold to perfume
maker Coty Inc <COTY.N> for $12.50 billion this month.
Revenue fell 9.2 percent to $17.79 billion in the fourth quarter
ended June 30 from a year earlier, as the company recorded a 9
percentage point hit from the strong dollar.
Analysts on average were expecting revenue of $17.98 billion,
according to Thomson Reuters I/B/E/S.
The currency has risen about 20 percent in the 12 months through
June 30, reducing the value of overseas sales when they are
translated back into dollar terms.
P&G, which gets roughly two-thirds of its revenue from
international markets, has been raising prices to offset the
impact of the dollar, but customers have been turning to cheaper
local alternatives as a result.
Peer Colgate-Palmolive Co <CL.N> reported its fourth straight
quarter of falling sales on Thursday and said the strong dollar
was the main reason for the decline.
Net income attributable to P&G fell 80 percent to $521 million,
or 18 cents per share in the fourth quarter, the company said.
P&G recorded a $2.03 billion charge in the quarter for a change
in the accounting method of its Venezuelan operations,
reflecting its inability to convert currency or pay dividends.
Excluding items P&G earned a profit of $1 per share, beating the
average analyst estimate of a profit of 95 cents.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Simon Jennings)
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