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Procter & Gamble down 3% premarket after Q4 sales miss

Published: 07:20 30 Jul 2024 EDT

Procter & Gamble Co -

Procter & Gamble Co (NYSE:PG, ETR:PRG) shares dropped almost 3% premarket after the company reported fourth-quarter sales that fell short of Wall Street expectations.

The decline was driven by reduced spending from price-conscious consumers in the US and Europe, impacting the growth of its beauty and home care products. P&G owns household name brands such as Head & Shoulders, Tide, Bounty and Gillette.  

The performance chimes with recent trends seen across the industry.

P&G's fourth-quarter net sales slipped to $20.53 billion from $20.55 billion a year ago, missing analysts' expectations of $20.74 billion.

Earnings for the three months to June 30 fell to $1.27 a share, down 10 cents from the same period a year earlier.

Ahead of the bell, the stock was off  $4.78 at $165.15.

 

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