Procter and Gamble continues to lose sales overseas because of the strong dollar. Bobbi Rebell reports.
The strong dollar continues to whack sales at the world's largest consumer products maker, Procter & Gamble. Sales fell for the sixth straight quarter. Revenue down 9 percent. P&G also said it expected sales to fall in the low-to-mid single digits next year again due to the strong dollar. Thomson Reuters' Greg Harrison: SOUNDBITE: GREG HARRISON, RESEARCH ANALYST, THOMSON REUTERS (ENGLISH) SAYING: "Procter and Gamble gets 65 percent of their revenue from overseas so when you have a strong dollar environment like we do now that hurts their earnings back home and so one way to combat that could be for them to raise prices in those markets, but then that makes their products less competitive and consumers could switch to other brands." The news comes on the heels of a big change at the top...earlier this week naming 35-year company veteran David Taylor in November. P&G has sold off about 50 brands since 2014. Most recenty it sold off 43 brands including Wella and Clairol to Coty for $12.5 billion. The company is trying to streamline its portfolio and focus on faster-growing product lines.