Procter & Gamble's sales dip again on softer volume, unfavorable exchange rates

MarketsAssociated Press

Procter & Gamble's sales fell for the sixth straight quarter, as the world's bigger consumer goods company was weighed down by softer sales volume and unfavorable currency exchange rates.

The maker of products including Tide, Pampers and Charmin said higher pricing helped offset a decline in shipment volume in the period. That kept sales flat after stripping out the impact of currency exchange rates.

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Procter & Gamble, based in Cincinnati, has been trying to boost its results by cutting costs and trimming its portfolio of products. Earlier this week, the company said earlier this week that company insider David Taylor take over as CEO starting Nov. 1. Taylor, who heads its global beauty, grooming and health care division, will take over for A. G. Lafley, who had returned from retirement to serve as CEO in 2013.

For the quarter ended June 30, the company earned $521, or 18 cents per share.

Not including one-time items, it said it earned $1 per share, which was more than the 94 cents per share analysts expected, according to Zacks Investment Research.

Total revenue fell 9 percent to $17.79 billion. That was below the $18.06 billion Wall Street expected.