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P&G Says Strong Sales Offset Katrina’s Impact

October 21, 2005

Procter & Gamble Co. said it was sticking with its fiscal first-quarter earnings guidance despite disruption of its coffee business and higher commodity-materials costs, thanks to strong sales.
The Cincinnati maker of Crest toothpaste, Tide detergent and other consumer products said it expects sales growth to come in toward the upper end of its previous guidance of 6% to 8% for the quarter. The company said sales growth continues to be led by the beauty and health businesses and by developing markets.
The company said that “while it is too early to completely and accurately assess the hurricane damage impacts beyond the July to September period,” it expects continued strong business momentum and cost-savings efforts to allow the company to offset the hurricane’s impact on full-year results.
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