Procter & Gamble reported a better-than-expected quarterly profit, boosted by cost-cutting and higher selling prices.
However, P&G's sales declined for the seventh quarter in a row as higher prices weighed on volumes and as the company shrinks its vast product portfolio to focus on faster-growing brands.
P&G expects sales would be driven by volume rather than pricing and that the core earnings to be "significantly lower" due to increased advertising costs, a higher tax rate and negative currency impacts.
