Multinational manufacturer Procter & Gamble has lowered its full-year profit forecast, citing the strengthening of the US dollar. With 37 per cent of P&G’s sales coming from emerging markets, the weakness of those currencies has negatively impacted the reported figures. Recent price increases also led to the group losing market share.
P&G said that its profit for the fiscal second quarter to December 31 fell by 49.3 per cent to $1.69 billion (57 cents a share), due to a heavy write-down related to past acquisitions and continued impact from high commodity costs. Sales increased by 3.7 per cent to $22bn, while organic sales rose by 4 per cent. The grouo added that it expects full-year net profit to be $4-$4.10 per share; the group’s earlier forecast was $4.15-$4.33 per share. (1 Feb)
© 2012 ESM: European Supermarket Magazine
