NEW YORK (TheStreet) -- Procter & Gamble (PG) - Get Report sales are struggling with the strong dollar headwind, CEO David Taylor said on CNBC's "Squawk on the Street" on Thursday morning.

The strong dollar is currently a headwind for the company because it does business in nearly every country, noted CNBC's Sara Eisen. "I can't think of a company more impacted by a strong dollar than P&G," she said. 

While it's impossible to predict how much of a headwind the strong dollar will be going forward, its effect is expected to at least subside. 

"We had four really difficult years where we had almost $1 billion and some years over $1 billion in impact in after tax earnings. This year I think it's going to be less than that," he claimed. 

P&G would be "happy" if the Fed waited to raise interest rates since that leads to a stronger dollar. "It creates a much more level playing field for us vs. competitors that are domicile in other currencies," Taylor explained. 

Since Taylor took over the consumer goods company about a year ago, sales have "bounced back" after years of disappointment, Eisen noted. However, the flat sales figure points to the difficult environment, she added.

"I think we're making good progress and progress will be measured in years, not quarters," Taylor noted.

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On Tuesday, P&G reported earnings of $1.03 per shares, beating estimtes of 98 cents per share. Revenue was relatively flat year-over-year at $16.52 billion, but topped expectations of $16.49 billion.

Shares of Procter & Gamble were lower in late morning trading on Thursday. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings team rates Proctor & Gamble as a Buy with a ratings score of A-. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that the team rates.

You can view the full analysis from the report here: PG

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