P&G starts fiscal year strong, but soaring dollar will sting

By MICHELLE CHAPMAN
AP Business Writer

Procter & Gamble exceeded $20 billion in sales during the fiscal first quarter but citing the strong dollar, it expects to post its first annual sales decline since 2017. U.S companies that do a lot of business overseas are getting hammered by a surge in the value of the dollar because they must convert overseas sales back into dollars before reporting their financial performances in the U.S. Not only does a strong dollar decrease the value of those sales, it also gives foreign competitors a price edge in the United States. That story has played out repeatedly this week as earnings season kicks into high gear.