Procter & Gamble falls on earnings miss

Procter & Gamble (PG) reported a $2.4 billion quarterly profit on Tuesday – a 31 percent decline from the same period last year.

Sales were down 4 percent to $20.2 billion for the second quarter, which ended Dec. 31. P&G reported a $3.4 billion profit on sales of $22.3 billion in the same quarter a year ago.​

Excluding one-time items, Wall Street analysts had forecast P&G to report a $3.3 billion, on sales of $20.7 billion for the quarter.

Shares dropped more than 2% in pre-market trading.

Since returning as CEO in May 2013, A.G. Lafley has worked to reignite consistent sales and profit growth at P&G.

The Cincinnati-based consumer products giant is in the process of shedding dozens of brands. In August, P&G unveiled a plan to slim down to 70 to 80 core brands by selling off or exiting up to 100 labels.

P&G revealed it had shed 25 brands after its first quarter results were issued in October. Among the divestitures were Iams and other pet food labels, plus several minor beauty brands and overseas laundry brands.

The removal of non-core brands from P&G's stable have dominated the last two quarterly reports.

Lafley unveiled the brand sale in August along with fiscal year and fourth quarter results; and P&G revealed its initial plans to sell or spin-