Colgate Key Sales Measure Falls for First Time Since Recession
(Bloomberg) -- It’s a tough time to be the world’s biggest toothpaste maker.
Consumer-products giant Colgate-Palmolive Co. slipped in early trading after reporting its first drop in organic sales in more than a decade. The maker of Colgate toothpaste, which also owns big-name brands like Irish Spring and Softsoap, is coming up against a slew of challenges, from market volatility in Brazil and inventory reductions in China to currency swings and rising logistics costs.
“The third quarter was a challenging one,” Chief Executive Officer Ian Cook said in a statement as the company reported results. Still, Cook said the New York-based company has been successful at raising prices, even in an increasingly competitive market.
Shares fell as much as 5.4 percent before the start of regular trading in New York. Shares were already down 15 percent this year though Thursday’s close, compared to a 1.2 percent rise in the S&P 500.
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