Procter and Gamble Sees Fifth Straight Quarter of Sales Decline

Procter and Gamble (PG) posted first quarter results in line with analyst estimates, but sales and revenue numbers came in lower than expected. The consumer products maker reported $18.14 billion in revenue or $0.92 per share. The strong dollar took its toll on the company's bottom line pushing a fifth straight quarter of sales declines. There was also sluggish demand reported in the beauty and hair care products sector. Currently about two thirds of company sales come from outside the United States. Proctor and Gamble said that the Chinese and North American market are showing the most promise. The company also announced a dividend increase of 3%.