P&G Earnings Sink 16% in Quarter
Procter and Gamble on Friday posted a sharp decline in earnings for its third fiscal quarter, citing a "difficult economic and competitive environment."
P&G, which owns some of the best known brands in the world such as Gillette, Tide laundry detergent and Charmin tissues, said net profit fell 16 percent from the year-ago quarter to $2.4 billion despite a two percent rise in sales.
Earnings per share were also down by 16 percent to 85 cents.
But chief executive Bob McDonald said the company is making "good progress" on efforts to boost productivity and cost savings.
"Looking ahead, we expect further acceleration in core operating profit growth in the fourth quarter driven by top-line growth, more favorable cost comparisons and productivity improvements."