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Procter & Gamble Lowers Guidance

PARIS--Procter & Gamble Co (PG) Wednesday lowered its earnings guidance for the current quarter as well as for fiscal year 2013, citing market share softness in developed markets and a negative impact from foreign exchange rates. Chairman and Chief Executive Bob McDonald also gave details on his program to refocus the group on more profitable businesses, reiterating the substantial cost-saving program. P&G expects its core earnings per share for the April-to-June quarter to be in the range of $0.75 to $0.79 from a previously expected range of $0.79 to $0.85 while organic sales growth is now expected to be 2% to 3%, compared with a previous expectation of a growth of 4% to 5%. Net sales for the quarter are expected to be down 1% to 2% as foreign exchange is expected to reduce them by 4%, Mr. McDonald said. The lowered guidance comes as the world's largest consumer products company reported in April a string of weak results, fueling investors' worries as well as expectations of a substantial overhauling of the group's operations and practices to recoup the ground lost to competitors such as Unilever PLC (UL) and Colgate-Palmolive Co. (CL) "We must and we will improve," Mr. McDonald said during a consumer conference in Paris. "We need to be more efficient and more productive," he added, while reiterating the group's cost-saving plan, noting it had made "good progress." P&G targets cost savings of $10 billion by 2016, with around 5,700 non-manufacturing job cuts by the end of the 2013 fiscal year. -Emily Glazer contributed to this story. Write to Geraldine Amiel at geraldine.amiel@dowjones.com

Stock News for Colgate Palmolive (CL)
DateTimeHeadline
08/25/201514:00:00Russia Restricting Sale of Some Western Cleaning Products
08/20/201510:10:00Colgate-Palmolive Webcasts Presentation at the Barclays Global...
08/19/201517:06:35Statement of Changes in Beneficial Ownership (4)
08/19/201517:05:15Statement of Changes in Beneficial Ownership (4)
08/19/201517:03:30Statement of Changes in Beneficial Ownership (4)
08/18/201517:10:59Statement of Changes in Beneficial Ownership (4)
08/18/201517:09:14Statement of Changes in Beneficial Ownership (4)
08/17/201517:04:32Statement of Changes in Beneficial Ownership (4)
08/14/201517:03:54Statement of Changes in Beneficial Ownership (4)
08/12/201517:08:31Statement of Changes in Beneficial Ownership (4)
08/12/201517:07:13Statement of Changes in Beneficial Ownership (4)
08/10/201517:06:00Statement of Changes in Beneficial Ownership (4)
08/10/201517:04:16Statement of Changes in Beneficial Ownership (4)
08/06/201517:15:32Statement of Changes in Beneficial Ownership (4)
08/05/201516:48:00Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/04/201517:05:14Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
07/30/201509:14:50Quarterly Report (10-q)
07/30/201508:50:08Colgate-Palmolive Hit Again by Stronger Dollar
07/30/201508:40:23Colgate-Palmolive Hit Again by Stronger Dollar
07/30/201508:01:51Current Report Filing (8-k)

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