Procter & Gamble reports Q3 sales drop due to global uncertainty

Procter & Gamble reports Q3 sales drop due to global uncertainty

Personal care giant Procter & Gamble has reported a year-on-year 1 percent net sales drop for Q3, down to $15.6 billion – the company’s 13th consecutive quarter fall.

The news comes as the company struggles to maintain sales due to worldwide uncertainty and a strong dollar, factors that all attributed to the company’s 8.3 percent profit drop.

Q3 earnings meanwhile beat industry expectations, however, the fall in revenue caused company shares to drop.

Speaking in a statement, CEO David Taylor said, “The third quarter macro environment was characterized by a slowdown in market growth, continued geopolitical disruptions and foreign exchange challenges.”

P&G’s beauty sector rose 1 percent, with greater volume in the oral care sector helping to boost the 6 percent sales increase for the health-care sector. The company has focused on removing low-performing brands from its portfolio – such as Clairol and Wella – to generate a $10 billion saving over the coming five years.

The company is sticking to its original full year forecast of 2 to 3 percent, despite being at the lower end of the scale.