Procter & Gamble earnings down as sales fall

NEW YORK (AFP) - Procter and Gamble, the consumer products company, said on Thursday its fiscal first quarter profits fell 6.7 per cent from slumping sales and hits from foreign exchange shifts.

P&G said net earnings in the quarter to Sept 30 fell to US$2.8 billion (S$3.42 billion) from US$3.0 billion a year earlier, driven by a 3.7 per cent fall in sales to US$20.7 billion.

Basic earnings per share came in at US$1.00, down from US$1.08 a year ago.

The company said net sales growth in its beauty and groomings products businesses, which include brands like Wella, Gillette and Pantene, fell seven per cent after a "significant" negative impact from foreign exchange.