Slower sales of Gillette razors put a nick in Procter & Gamble’s quarter profit Wednesday as the low-priced competitors forced the best-known name in shaving to cut prices.
P&G reported a $2.5 billion third-quarter profit, a 8% decrease from the same period a year ago but in line with analysts’ estimates. Sales, however, fell 1% to $15.6 billion, welll short of Wall Street forecasts.
P&G reported earnings per diluted share of 93 cents and core earnings at 96 cents. Wall Street expected the company to report core earnings of 94 cents.
CEO David Taylor said in a statement the company’s growth was slowed by an uncertain economy and political discourse here and abroad. Sales excluding the impact of foreign exchange, acquisitions and divestitures developed markets in the United States and Western Europe, were flat, while developing markets, from Russia to Brazil, grew at a modest 3%.
P&G’s rebound in China stalled as sales dipped 1%. Moeller said the company expects new diaper innovations to be introduced in August will further help sales there.
