Procter & Gamble reported declines in both sales and profits Wednesday, saying challenging geopolitical and economic conditions hit consumer demand.
The maker of Tide detergent and Head & Shoulders shampoo reported earnings in its fiscal third-quarter of $2.5 billion, down 8.3 percent.
“The third quarter macro environment was characterized by a slowdown in market growth, continued geopolitical disruptions and foreign exchange challenges,” said chief executive David Taylor.
P&G’s strongest division as far as revenues was health care, the only division with net sales growth, where results were boosted by strong sales in power toothbrushes and oral products.
The weakest business was grooming, which has seen diminished demand for shaving products as beards and facial hair have become more popular.
Shares of Dow component P&G dropped 0.9 percent to $89.21 in pre-market trade.
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