Why Procter & Gamble Stock Dropped Today
Shares of Procter & Gamble (NYSE: PG) declined by 6.2% on Friday after the consumer goods giant's profits fell short of investors' expectations.
P&G's net sales rose 3% year over year to $19.5 billion in its fiscal 2022 fourth quarter, which ended on June 30. The company's organic sales -- which account for the impact of foreign exchange fluctuations, acquisitions, and divestitures -- grew by 7%. These gains were driven by price hikes, which more than offset a 1% decline in volume.
P&G was also able to offset higher commodity costs with a reduction in selling, general, and administrative expenses. Its operating income, in turn, increased by 2% to $3.6 billion.
Source Fool.com
