P&G ups sales outlook but higher costs hit 2Q profits

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Procter & Gamble Co., the maker of Crest toothpaste and Charmin toilet paper, raised its full-year sales outlook, helped by price hikes. But the consumer products giant cautioned that higher commodity prices continue to squeeze profits, and there’s been some pushback from shoppers who cut back their purchases over higher price tags. The upgraded outlook, issued Thursday, came as the Cincinnati-based company reported lower fiscal second-quarter earnings and sales from a year ago, though the results beat Wall Street expectations. Like many consumer product makers, P&G has been forced to raise prices on its wide array of products to offset higher costs in transportation, labor and other areas, and it said it will continue to raise prices.