Procter & Gamble has reported a net loss for its fiscal fourth quarter - its first loss in eight years.
The loss was due to costs from restructuring poorly performing food, fabric-care and cosmetics lines.
The maker of products including Tide laundry detergent, Crest toothpaste and Olay skin-care products posted a net loss for the quarter of $320 million compared with a net profit of $516 million a year earlier.
The company took an after-tax restructuring charge of $1.16 billion in the latest quarter. Procter & Gamble has racked up charges of $4.4 billion so far in a restructuring that began in 1999.
It continues to struggle with sluggish sales that have been hurt by adverse foreign-exchange factors.
Sales fell 1 per cent in the fourth quarter, to $9.58 billion from $9.66 billion. Excluding a 3 per cent unfavourable impact from foreign exchange and a 2 per cent impact from phasing out programmes such as Olay Cosmetics, the company said sales rose 4 per cent. Unit sales volume rose 3 per cent.
Health care sales posted the strongest gain in the quarter, rising 16 percent to $1.12 billion. But beauty care sales dipped 1 per cent to $1.75 billion, and food and beverage sales fell 14 per cent to $970 million.
Procter & Gamble shares closed yesterday at $70.75.