P&G falls after cutting annual forecasts due to weak consumer spending

Shares of consumer goods bellwether Procter & Gamble PG.N fall 2.5% to $161.74 premarket

Tide parent cuts annual sales and profit forecasts after reporting bigger-than-expected drop in Q3 net sales

Co expects annual core earnings per share in the range of $6.72 to $6.82, down from prior target of $6.91 to $7.05

Now expects total net sales for FY25 to be roughly in line with prior fiscal vs earlier target of 2%-4% growth

Q3 net sales fall 2% to $19.78 billion vs estimate of 0.44% fall to $20.11 billion - LSEG

"Making appropriate adjustments to our near-term outlook to reflect underlying market conditions while remaining confident in the longer-term growth prospects for our brands," says CEO Jon Moeller

As of last close, stock down 1.2% YTD