Tough quarter for P&G

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Procter & Gamble Co. will report record earnings, in line with analysts' expectations for the quarter ended Sept. 30, but sales and volume growth "will be below what we've traditionally achieved," Chairman-CEO John Pepper said at the company's annual shareholders' meeting Tuesday. He blamed competitive pressures in global markets and the effects of the company's switch to value pricing in Europe.

Sales were up a modest 0.9% in the quarter concluded June 30, but earnings rose 17%. Mr. Pepper also said it will be "a year or so" before P&G has the capacity to roll its Fat Free Pringles with Olean nationally, though he said test results were positive so far in the brand's Columbus, Ohio, test market, where more than 500,000 cases sold in the first 10 days.

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