Procter & Gamble's turnover has dropped extensively over the past quarter, so much so that it was the largest turnover drop in the past 7 quarters. The strong dollar has also had its impact on turnover.
Beaten profit forecast
Total net turnover dropped 12 % to 16.53 billion dollars (14.95 billion euro), a drop caused by lower sales throughout all of the company's divisions. Biggest blow came in the divisions for skin care and baby care, while the strong dollar also impacted the lower turnover especially as two thirds of the Procter & Gamble's turnover comes from markets outside of North America.
Despite that disappointing turnover, Procter & Gamble still managed to beat its profit forecast, growing from 1.99 billion dollars (1.8 billion euro) to 2.6 billion dollars (2.35 billion euro).
However, based on the current results, Procter & Gamble did adjust its forecast about the impact of the dollar, from a 4 to 5 % negative impact to a 5 to 6 % negative impact. Nevertheless, Procter & Gamble expects an average, single-digit turnover growth for its full fiscal year.