Earnings Preview: Procter & Gamble

DAN SEWELL

CINCINNATI (AP) — Procter & Gamble Co., the world's largest consumer products maker, reports earnings for its first quarter before the market opens Thursday. The following is a summary of key developments and analyst opinion related to the period.

OVERVIEW: P&G has seen sales and profits slump in the past year as consumers bought less or traded down in the recession, and the company said early in the quarter that began July 1 that it expected sales to fall again.

However, the maker of such products as Tide detergent, Pampers diapers and Pantene shampoo expects things to pick up in the second quarter that began this month, and has tried to fuel its rebound by cutting prices, stepping up promotions and adding cheaper versions of some products.

This will be P&G's first quarterly earnings under Bob McDonald as CEO. The P&G veteran moved up from chief operating officer July 1, while A.G. Lafley stays on as chairman after nine years as CEO.

McDonald has deep experience in emerging markets and has targeted developing nations, led by China and India, for most future growth. He told shareholders at the company's annual meeting Oct. 13 he wants to add a billion new customers around the globe over the next five years.