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US: P&G profit falls 31% as stronger dollar hurts sales abroad

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Procter & Gamble Co., the world’s largest consumer-products maker, said second-quarter profit fell 31 percent as the stronger dollar ate away at sales and earnings from its international units.

Net income dropped to $2.37 billion, or 82 cents a share, from $3.43 billion, or $1.18, a year earlier, Cincinnati-based P&G said in a statement.

Chief Executive Officer A.G. Lafley has tried to combat a currency-driven sales slowdown in emerging markets by adding more premium-priced products to P&G’s domestic offerings. The strategy wasn’t enough to keep revenue growing in the second quarter, as foreign-exchange rate pressure that Lafley called “unprecedented” reduced sales by 5 percentage points. Second-quarter sales fell 4.4 percent to $20.2 billion.

P&G said currency effects will continue to be a drag in the current fiscal year. They’ll reduce sales by 5 percent, leading to a decline of as much as 4 percent from a year earlier. The company repeated its forecast that sales excluding currencies and the effects of acquisitions and divestitures would rise at a low- to mid-single-digit percentage rate. (www.bloomberg.com)



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