(Reuters) - Procter & Gamble Co (PG.N), the world's largest household products maker, said it no longer expects sales and core earnings growth this year, joining a host of companies in blaming a strong dollar for disappointing results and outlooks.
P&G, which derives roughly two-thirds of revenue outside the United States, also reported lower-than-expected quarterly sales and profit as the devaluation of major currencies, especially the Russian ruble, versus the dollar ate into profit.
P&G's shares fell 3.5 percent to $86.40 in afternoon trading.
Companies such as Caterpillar Inc (CAT.N), Microsoft Corp (MSFT.O) and Johnson & Johnson (JNJ.N) have blamed a strong dollar for weak results and outlook.
"This is the most significant fiscal year currency impact we have ever incurred," Jon Moeller, P&G's chief financial officer, said on a conference call.