Procter & Gamble has registered an 18% drop in fourth-quarter profit, Bloomberg report ed. The company's net income for the period ended June 30 dropped to US$2.47 billion. P&G shares have slid 13% this year.
Sales fell 11% to $18.7 billion, missing the $19.3 billion average analysts estimated. Currency translations clipped sales by 9%, said P&G, which makes about 60% of its revenue outside the U.S.
The company expects its petfood unit to be a $1.8 billion business in fiscal 2010, with an operating margin of about 10%. It will add about US3 cents to earnings.
New shelter data casts doubt on whether the pet population and pet ownership are truly growing.
While the pandemic caused unprecedented suffering worldwide in 2020, the disruptions to dogs, cats and other pets adoption numbers may normalize in 2021.