CHICAGO, Aug 3 (Reuters) - Household products maker Procter
& Gamble Co posted lower-than-expected quarterly profit
as higher spending on marketing more than offset sales growth,
and its shares fell more than 5 percent.
P&G said investment in new products released this year --
Pampers Dry Max diapers, the Fusion ProGlide razor and Crest 3D
White tooth-whitening strips -- outpaced a 5 percent growth in
"Next year is another big year of innovation for us, and
we'll be investing behind that," Chief Financial Officer Jon
Moeller said in a conference call with reporters.
Earnings for the fiscal fourth quarter ended June 30 fell
to $2.19 billion, or 71 cents per share, from $2.47 billion, or
80 cents per share, a year earlier.
Analysts on average expected 73 cents per share, according
to Thomson Reuters I/B/E/S.
Net sales rose 5 percent to $18.93 billion. Analysts on
average expected $19.1 billion.
The company forecast first-quarter earnings of 97 cents to
$1.01 a share and said organic sales are expected to grow 3 to
5 percent. Unfavorable currency exchange rates are expected to
reduce net sales growth by about 3 percent.
Analysts expect first-quarter earnings of $1.04 a share.
P&G stock was down 5.3 percent at $59.77 in premarket
(Reporting by Emily Stephenson; Editing by Lisa Von Ahn and