Procter & Gamble Misses Sales Expectations on Slowing Demand

Reuters07-30

July 30 (Reuters) - Procter & Gamble missed Wall Street expectations for fourth-quarter sales on Tuesday, as a cutback in spending by price-conscious consumers in the U.S. and Europe led to slower growth for its beauty and home care products.

Shares of the Tide detergent maker fell 5.9% in morning trading.

Like its consumer goods peers Nestle and Unilever, P&G has seen a hit to sales as shoppers trade down to private label brands to offset price hikes on daily-use items like detergents and shampoos by popular household brands.

P&G reported a 1% rise in overall volumes in the fourth quarter, while the average prices across its product categories also rose 1%.

Its fourth-quarter net sales slipped to $20.53 billion from $20.55 billion a year ago. Analysts had expected $20.74 billion, according to LSEG data.

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