Procter & Gamble reported a surprise drop in sales for the second consecutive quarter as a weak economy weighs on consumers in China.
The American consumer goods group’s sales totalled $21.7 billion in the three months to the end of September, a 1 per cent drop from a year earlier.
Declines in beauty and healthcare sales overshadowed growth in grooming, fabric and home care. Sales of skin-care products fell 20 per cent after weaker demand for its high-end SK-II brand, which the company linked to a deterioration of economic conditions in China.
In North America, sales grew 4 per cent in the first quarter, compared with a 7 per cent rise a year earlier.
Andre Schulten, chief financial officer, said: “China, as we had expected,