Consumer goods giant Procter & Gamble Co cut its full-year sales forecast on Wednesday, blaming a hit from of a stronger U.S. dollar.
A strengthening greenback typically eats into the earnings of companies such as P&G that have sprawling global operations and convert foreign currencies into dollars.
Over half of P&G's revenue comes from outside the United States.
The company said it expects fiscal 2023 sales to fall 1% to 3%, compared with its previous forecast of flat to 2% growth. The company maintained its organic sales forecast of a 3% to 5% increase.
The Tide detergent maker said net sales rose 1% to $20.61 billion in the first quarter ended Sept. 30, compared with analysts' estimates of $20.28 billion, according to IBES data from Refinitiv.