Quarterly sales disappoint P&G

Consumer goods giant Procter Gamble & reported Friday quarterly profit higher than expected, but sales were slightly below Wall Street estimates.
Net sales rose to 16.65 billion dollars, up from 16.52 billion dollars in the same period last year, slightly below analysts ' expectations of 16.69 billion dollars, according to Thomson Reuters I/B/E/s.
The company, which houses more than 60 brands, saw higher sales of beauty products, SOAP and fabric softeners for clothes. The beauty business, which has the brand Olay, grew 5%, driven by the growing popularity of its products of SK-II skin in Asia.
The company maintained forecasts for organic sales year and adjusted profits, despite the impact of 100 million dollars caused by the hurricanes that hit the United States.
The P&G expects organic sales increase of 2 to 3% in the fiscal year ending on June 30, and earnings per share growth of 5 to 7%.
Net income attributable to company increased to 2.85 billion dollars or 1.06 dollar per share in the quarter ended Sept. 30, compared with 2.71 billion dollars, or 0.96 dollar per share, in the same period last year.
Excluding items, the company earned 1.09 dollar per share, surpassing the average estimate of analysts in 0.01 dollar, according to Thomson Reuters I/B/E/s.