P&G应该是很好的消费者指标

ByStander

NEW YORK -- Procter & Gamble Co. reported Wednesday that its fiscal fourth-quarter earnings exceeded expectations but the company saw sales slide across most of its businesses as consumers cut back purchases of it higher price products.

P&G projected further sales declines, saying sales excluding acquisitions and divestitures would be flat to down 3% in the first quarter. For the first quarter, P&G projected results slightly more downbeat than analysts -- earnings of 95 cents a share to $1 and a net sales drop of 7% to 10%. Analysts are looking for earnings of $1 a share and a sales decline of 7% to $20.57 billion, according to analysts surveyed by Thomson Reuters.

In the fourth quarter, earnings fell 18% on last year's Folger's sale and the company saw volumes drop as it raised prices.

Shares fell 1.9% in premarket trading Wednesday to $54.42.

In the fourth quarter, P&G was hurt by weaker sales in its beauty and grooming businesses, which sells products like Braun shavers and Olay lotions. Higher prices also weighed on sales in the company's pet-care business. In recent years, Procter & Gamble has put more focus on higher priced products -- like pricier Olay creams -- in an effort to drive growth. That strategy has hurt the company during the recession as consumers cut discretionary spending in areas like beauty and traded down to cheaper pantry staples.

For the quarter ended June 30, the maker of brands such as Tide and Pampers reported a profit of $2.47 billion, or 80 cents a share, down from $3.02 billion, or 92 cents a share, a year earlier. Excluding items such as divestitures and tax adjustments, earnings rose to 83 cents a share from 78 cents.

Net sales decreased 11% to $18.7 billion while organic sales -- which exclude currency changes, acquisitions and divestitures -- fell 1% on the stronger U.S. dollar. Volume dropped 5%, while organic volume was off 4%, mostly on higher prices to offset foreign-exchange impacts.

Analysts polled by Thomson Reuters most recently were looking for earnings of 79 cents on sales of $19.32 billion.

Gross margin rose to 50.3% from 49.4% on price increases and moderating commodities costs.

yam