Procter & Gamble today (29 October) posted a 1% dip in profits as sales were dented by the strength of the US dollar.

The consumer products giant revealed that profits for its first quarter fell to US$3.31bn, down from $3.35bn last year.

Sales dropped 6% to $19.8bn, the Pringles maker said. Nevertheless, organic sales were up 2%.

Looking to the full-year, P&G said organic sales were likely to increase in a 2-4% range while net sales growth is expected to grow by between 3% and 6%.

For the year, P&G raised the low end of its earnings guidance range to $4.02-$4.12 per share.