Procter & Gamble, the maker of Tide detergent and Gillette shaving products, reported better-than-expected quarterly sales, helped by strong demand for its baby, feminine and home care products.
The net income attributable to the company rose to $1.95 billion, or 69 cents per share, in the fourth quarter ended June 30, from $521 million, or 18 cents per share, a year earlier.
The year-ago profit had been hurt by a charge from deconsolidating its Venezuela business.
Net sales fell 2.7 percent to $16.1 billion, down for the eighth straight quarter, but beat the average analyst estimate of $15.83 billion, according to Thomson Reuters I/B/E/S.
By: Reuters (via Fox Business).
Reporting: Sruthi Ramakrishnan (Bengaluru).
Editing: Shounak Dasgupta.
Photo: Procter & Gamble, India.
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