(Finance) – Procter & Gamble recorded a surprise drop in sales in the first fiscal quarter, feeling the impact of the slowdown in consumption in some key markets such as the USA and China. Economic uncertainty has in fact pushed consumers to choose cheaper products than the branded products offered by P&G.
The US company closed the period with adjusted earnings per share up 5% a $1.93, higher than the average estimate of the analysts of $1.90.
Net sales fell 1% to 21.74 billion of dollars, being less than Consensus $21.9 billion. However, P&G maintained its organic sales growth forecast of 3-5% and an expected EPS of $6.91-7.05.