Procter & Gamble yesterday warned that sales in its next quarter will fall below expectations, while volume will drop slightly.
The company also predicted that earnings, which have remained flat year-on-year, would increase a little, mostly due to the $340 million sale of Clearasil to UK pharmaceutical and retail group Boots.
P&G insisted, however, that it would return to double-figure growth next year, in line with previous statements.
It conceded that it was “not where it wanted to be” in market share, but added that growth in its core brands was part of its new strategy. Chief executive A G Lafley commented: “We have a clear gameplan [to improve results]: lead innovation, build big brands and leverage global scale to create leadership market shares and total shareholder return.”
News source: Financial Times