Salem Radio Network News Sunday, November 27, 2022

Business

Procter & Gamble cuts sales forecast on hit from stronger dollar

(Reuters) -Consumer goods giant Procter & Gamble Co cut its full-year sales forecast on Wednesday, blaming a hit from of a stronger U.S. dollar.

A strengthening greenback typically eats into the earnings of companies such as P&G that have sprawling global operations and convert foreign currencies into dollars.

Over half of P&G’s revenue comes from outside the United States.

The company said it expects fiscal 2023 sales to fall 1% to 3%, compared with its previous forecast of flat to 2% growth.

The company maintained its organic sales forecast of a 3% to 5% increase.

The Tide detergent maker said net sales rose 1% to $20.61 billion in the first quarter ended Sept. 30, compared with analysts’ estimates of $20.28 billion, according to IBES data from Refinitiv.

(Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel and Anil D’Silva)

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