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Procter & Gamble Sales Dip but Profits Rise

Procter & Gamble Co. PG 2.54 % on Friday reported a 12% drop in sales as the consumer-products giant continues to struggle with currency headwinds and lagging growth in all of its business segments.

Shares of P&G, down 10% over the past year, rose 2.9% to $77 premarket trading, as the company reported better-than-expected earnings on lower costs.

P&G, in an attempt to restart momentum after years of underperformance relative to rivals, is in the process of exiting close to 100 brands to focus on 65 core brands, such as Tide and Pampers.

In its fiscal first quarter, the Cincinnati company said organic sales—a closely watched metric that strips out currency moves, acquisitions and divestments—fell 1%.

The metric was hurt by lower volumes across all of its segments, even as overall pricing improved by 2%.

The biggest decline came in its baby, feminine and family care segment, where organic sales fell 3% as the exit of some product lines in Mexico and price increases in its baby and feminine care segments drove down...