Procter & Gamble Co (NYSE:PG, ETR:PRG) shares dropped almost 3% premarket after the company reported fourth-quarter sales that fell short of Wall Street expectations.
The decline was driven by reduced spending from price-conscious consumers in the US and Europe, impacting the growth of its beauty and home care products. P&G owns household name brands such as Head & Shoulders, Tide, Bounty and Gillette.
The performance chimes with recent trends seen across the industry.
P&G's fourth-quarter net sales slipped to $20.53 billion from $20.55 billion a year ago, missing analysts' expectations of $20.74 billion.
Earnings for the three months to June 30 fell to $1.27 a share, down 10 cents from the same period a year earlier.
Ahead of the bell, the stock was off $4.78 at $165.15.