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The
company also cut its full-year revenue growth forecast, saying
it now expected the strong dollar to have a bigger impact of 5-6
percentage points than the 4-5 percentage points anticipated
earlier.
P&G shares fell about 1 percent to $74.02 in premarket trading
on Friday.
P&G has been focusing on more profitable brands including
Gillette shaving products, Pampers diapers and Tide detergent,
as it loses customers to companies such as Unilever Plc <ULVR.L>
and Colgate-Palmolive Co <CL.N> and local rivals in markets
outside North America.
Sales in all of P&G's product categories fell in double-digit
percentage terms in the first quarter, with beauty, baby care
and grooming products recording the worst drop.
P&G, which gets nearly two-thirds of its revenue from markets
outside North America, was also hurt by a nearly 13 percent rise
in the dollar against a basket of major currencies in the past
year.
The net income attributable to P&G rose to $2.60 billion, or 91
cents per share, in the quarter ended Sept. 30 from $1.99
billion, or 69 cents per share, a year earlier.
Net sales fell 12 percent to $16.53 billion. Excluding the
impact of currency, divestitures and acquisitions, sales fell 1
percent.
Excluding items, the company earned 98 cents per share.
Analysts on average had expected earnings of 95 cents per share
and revenue of $17.17 billion, according to Thomson Reuters
I/B/E/S.
(Corrects paragraph 5 to say first quarter, not third quarter)
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Kirti Pandey)
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