NEW YORK (Reuters) – Procter & Gamble Co (PG.N: Quote, Profile, Research, Stock Buzz), the world’s largest household products maker, cut its sales and earnings outlook for the year on Tuesday to reflect unfavorable foreign exchange rates in Venezuela and the devaluation of currencies in various developing markets.
The changed outlook reflects the recent devaluation against the dollar of the Argentine peso, Turkish lira, South African rand, Russian ruble, Ukrainian hryvnia, Brazilian real and several other currencies, said P&G, whose products include Pampers diapers and Tide detergent.
By Dhanya Skariachan
(Reuters) – Hasbro Inc (HAS.O: Quote, Profile, Research) touted a series of toys based on the fourth “Transformers” sequel and other upcoming films, overshadowing concern about its weak North American holiday season and sending its shares up nearly 6 percent.
Earlier on Monday, the stock had fallen after the maker of Nerf foam toys and Monopoly board games posted lower-than-expected results for the fourth quarter, when the company and its peers typically make about 40 percent of their annual revenue.