- Guardiola says 'part of me will leave' when Begiristain quits Man City
- 'Timebomb' ship highlights hazard of dangerous cargoes
- France charges SUV driver with murder for running over cyclist
- Ex-Fulham Ladies captain Ronnie Gibbons 'groped' by Al-Fayed
- Italy judges reject first migrant detentions in Albania
- What next for Hamas after Sinwar's killing?
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- New Zealand on America's Cup cusp after double triumph
- New Zealand's Ravindra makes father proud with 'special' Test ton
- Stock markets mixed as investors weigh earnings, China GDP
- Ten Hag slams 'fairy tales and lies' as Man Utd boss comes out fighting
- Hamas mourns Sinwar, vows no hostage release until war ends
- Forest boss Nuno hit with three-game ban
- 'The killings continue': Sinwar death brings no respite for Gazans
- Gaza 'hell on Earth' for one million children: UN
- Maresca 'very happy' with start of Chelsea career
- New Zealand extends America's Cup lead on Britain
- England boss Tuchel deserves unconditional support: Guardiola
- P&G profits dip, says China recovery will take time
- India fight back after Ravindra ton cements New Zealand lead
- US regulator probes Tesla's self-driving mode after crashes
- Four-month-old baby dies as migrant boat sinks off France
- Kenya parliament backs Ruto's nominated new deputy
- Israel strikes Gaza after killing Hamas chief Sinwar
- Mbappe 'seems unaffected' by rape investigation reports: Ancelotti
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- Win over England a 'relief' but doesn't fix Pakistan woes, says Masood
- Howe says he was not contacted by FA over England job
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- Kenya's Ruto nominates new deputy after impeachment
- Israel conducts raids on Gaza after killing Hamas chief Sinwar
- Asian markets rise as China economy tops forecasts, gold hits record
- Pakistan crush England in second Test to set up series decider
- Harris, Trump to rally voters in key state on same day
- US sees new chance to end Gaza war with Sinwar killing
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P&G profits dip, says China recovery will take time
Procter & Gamble reported a decline in profits on slightly lower sales Friday as the company said a recovery in China was still a number of quarters away.
The producer of Tide detergent and Crest toothpaste, P&G reported mixed sales across its five product categories, with health care growing the most and beauty declining the most.
Profits were $4.0 billion, down 12 percent from the year-ago level, partly due to some $800 million in one-time restructuring costs tied to the liquidation of assets in Argentina.
Revenues slipped one percent to $21.7 billion.
Beauty sales were dented by volume declines in Greater China, where the super-premium SK-II skin care brand has been weak for a number of quarters.
Chief Financial Officer Andre Schulten said the company welcomes recent stimulus measures from Beijing but that it doesn't expect a quick turnaround in China.
"All we can say at this moment is we're still down, and we believe it will take a few quarters until we get back to positive growth," Schulten said on a call with reporters.
China's recovery "will take time," he said.
In contrast, Schulten described the United States as "very strong" for its consumer products, with growth of about four percent in P&G's categories.
"The consumer continues to be favorably inclined to P&G, and we also don't see any trade down," he said.
P&G confirmed it sees fiscal 2025 sales growth of between two and four percent.
Shares fell 0.6 percent in pre-market trading.
F.Pavlenko--BTB