Colgate-Palmolive profit falls, sales up

Colgate-Palmolive Co. said quarterly profit fell 8 percent, dragged down by restructuring charges, but higher-than-expected sales helped it meet Wall Street’s profit forecast, excluding the charges.

Colgate, which is selling some detergent businesses as it focuses on more profitable areas such as oral care, said second-quarter profit fell to $342.9 million, or 62 cents per share, from $373.9 million, or 66 cents, a year earlier.

Aiming to keep consumers interested in its brands despite higher prices and competitive markets, Colgate raised advertising spending 16% in the quarter, a larger jump than analysts had expected.