Colgate-Palmolive has posted a larger than expected drop in sales for the final quarter of fiscal 2016, according to a report published by Market Watch.

The US personal care giant struggled in the face of a strong dollar, with foreign exchange rates knocking 1.5 percent from the toothpaste manufacturer’s net sales, which were down 4.5 percent overall to US$3,721 million for 4Q 2016. However, in organic terms, sales were up 1.5 percent.

“In the face of continued challenging macroeconomic conditions worldwide, foreign currency headwinds accelerating versus expectations, slowing category growth in several key markets and India’s demonetization, we achieved another quarter of organic sales growth. While net sales declined 4.5 percent, worldwide organic sales grew 1.5 percent led by emerging markets where organic sales grew 4.5 percent,” said Ian Cook, Chairman, President and Chief Executive Officer.