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(CINCINNATI) -- Procter & Gamble Co. is suspending shipments to Turkey, its 12th-largest global market, until the country's currency stabilizes, a spokesman said today. The move, in response to a 36% devaluation in the Turkish lira last week, caused P&G to reduce volume and sales estimates for its fiscal third quarter, ending March 31, by a full percentage point.

Turkey represents $400 million, or 1% of P&G's annual sales. The company said third-quarter earnings would be 69 to 72 cents a share, 2 to 3 cents below current analyst estimates. The company reduced full-year earnings estimates by 4 to 5 cents to the low end of analyst estimates.

"We will not sacrifice plans undertaken elsewhere around the world to get the business back on track in order to offset this short-term issue," President-CEO A.G. Lafley said in a statement. "Instead, we will continue to focus on big brands and leading customers, tighter cost and cash management, and better consumer value to get our business growing again."

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