CINCINNATI — Procter & Gamble Company
released its fiscal first-quarter results today, which include a 1 percent decrease net income compared to last year, according to MarketWatch
First-quarter earnings were $3.31 billion, down slightly from $3.35 billion in the year-ago quarter, the story stated.
Quarterly sales marginally decreased to end at $19.81 billion, the story noted.
According to the story, the worldwide recession has challenged Procter & Gamble, forcing them to cut list prices in some countries and restage certain products at different price points.
Procter & Gamble Chief Executive Officer (CEO) Bob McDonald said: "What we''re about is growth, and we''re focused on growth. But we also realize there''s more work to do."
Shares of Procter & Gamble have lost 2 percent of their value over the past 12 months, the story added.