A worldwide drop in consumer spending shaved almost 4 percent from Procter & Gamble Co. profit in the fiscal third quarter, the world's largest consumer products maker said Thursday.
P&G said it earned $2.61 billion, or 84 cents per share, compared to $2.71 billion, or 82 cents per share, a year ago.
Earnings per share reflected fewer shares outstanding after J.M. Smucker Co. took over P&G's Folgers coffee business in a $2.95 billion stock deal last year.
Revenue dropped 8 percent, to $18.42 billion, also hurt by the stronger U.S. dollar. Analysts expected earnings of 80 cents per share on revenue of $18.9 billion.
P&G has been promoting its well-known brands such as Tide detergent, Pampers diapers and Gillette shavers by emphasizing value as well as cutting costs.