P&G sales rise about 5% amid pandemic stockpiling

(Reuters) – Procter & Gamble Co on Friday reported an about 5% rise in quarterly sales as consumers stocked up on everything from diapers and detergents to toilet rolls amid sweeping lockdowns around the world to curb the spread of the coronavirus.

Net earnings attributable to the company rose to $2.92 billion, or $1.12 per share, in the third quarter ended March 31, from $2.75 billion, or $1.04 per share, a year earlier.

Net sales rose to $17.21 billion from $16.46 billion.

The company, however, cut its full-year sales growth target 3%-4% versus the prior year from its prior forecast of 4%-5% to account for currency fluctuation.

(Reporting by Nivedita Balu in Bengaluru; Editing by Saumyadeb Chakrabarty)