Procter & Gamble Quarterly Sales Below Estimates, Shares Fall
Procter & Gamble Co.'s quarterly sales fell below Wall Street estimates on Tuesday, as the consumer products company had a disappointing performance at its grooming unit, which makes Gillette razors and shaving products.
Shares of Procter & Gamble fell 2% before the bell.
The company cut prices on products in the grooming business by 3% to claw back market share lost to upstarts such as Dollar Shave Club. Sales in the unit fell by 1%, to $1.65 billion, while volumes dropped by 1%.
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