CHICAGO (Reuters) - Procter & Gamble Co on Friday said its quarterly profit jumped 53 percent, as a gain from the sale of its Folgers coffee business helped to offset the impact of weaker demand and the stronger dollar.
The world's largest consumer products maker earned $5 billion, or $1.58 per share, in its fiscal second quarter, compared with a profit of $3.27 billion, or 98 cents per share, a year earlier. P&G had forecast earnings of $1.58 to $1.63 per share.
Sales fell 3 percent to $20.37 billion. Organic sales, which exclude the impact of acquisitions, divestitures and foreign exchange, rose 2 percent. In December, P&G said second-quarter organic sales growth would fall short of its forecast range of 4 percent to 6 percent.
In an effort to curb spending, consumers are using up what they have in their pantries rather than stocking up on items such as shampoo and detergent. At the same time, a stronger dollar lessens the dollar value of sales outside the United States.
Chief Executive A.G. Lafley previously said that P&G, which sells everything from Tide laundry detergent to Gillette razors, is recession-resistant, but not recession-proof.
(Reporting by Jessica Wohl; Editing by Derek Caney)
