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8/2/2016, 1:22 PM (Source: TeleTrader)
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P&G reports 3% lower sales, EPS at $0.69

The Procter & Gamble Company reported 3% lower net sales at $16.1 billion in the last quarter, compared to the same period a year ago. Earnings per diluted share were $0.69, an increase of 283%, on net income of $1.96 billion (previously, P&G saw expenses from selling its Venezuelan business). This compares to net income of $538 million, or $0.18 per share a year ago. The core earnings per share fell 15% to $0.79, according to the earnings release published on Tuesday.

"We expect fiscal 2017 to mark another significant step toward our goal of balanced growth and value creation and total shareholder return in the top third of our competitive peer group," said David Taylor, P&G chairman, president and chief executive officer, in accompanying written statement.

The Cincinnati, Ohio-based cosmetics giant, known for Head & Shoulders, Gillette, Pampers and Oral-B brands among others, has seen its sales declining for most of its products. Only health care products sales were visibly higher, by 6%, while grooming sales added just 1%. Beauty, baby and family care, and home care products fell 4%.

P&G shares last traded up 0.96% at $86.41 on Monday. The stock rose 12.66% in the last 12 months, and rose 8.82% so far this year.

Baha Breaking the News (BBN) / ZR