P&G Stock Drops. Its CFO Says Consumers Are Nervous.

Procter & Gamble stock is on pace for its worst year since 2008. (Joe Raedle/Getty Images)

Key Points

• Procter & Gamble’s CFO reported significant declines in U.S. packaged-goods sales for October, with likely weakness continuing into November.
• P&G’s stock fell 2.2% on Tuesday and is down 14% for 2025, on track for its worst year since 2008.
• Despite U.S. volatility, P&G maintained its fiscal-year forecast, citing strength in Latin America, Western Europe, and China.

U.S. sales across the packaged-goods category fell significantly in October and were likely weak in November, Procter & Gamble ‘s chief financial officer told investors Tuesday. His comments helped send P&G’s shares lower.

Speaking at a Morgan Stanley industry conference, CFO Andre Schulten said the company knew U.S. consumers were more nervous and cautious heading into the current quarter. The federal government shutdown and the temporary suspension of food aid benefits made matters worse.

“We have pockets of real strength,” Schulten noted, pointing to Latin America, Western Europe, and China. “I think the context in the U.S. is more volatile, probably the most volatile we’ve seen in a long time.”

P&G stock was 2.2% lower on Tuesday. Shares are down 14% in 2025, having dropped steadily throughout the year. The stock is on pace for its worst year since 2008, according to Dow Jones Market Data.

P&G didn’t lower its fiscal-year forecast despite the weak autumn, with Schulten saying the numbers were within its previous guidance range.

“We have provided within our guidance range for some of that variability which we expected throughout the year,” Schulten said. “But nevertheless, it will play out in quarter two, probably more so than on the year.”

P&G is expected to report results for the quarter ending in December on Jan. 22. Sales and earnings beat expectations last quarter, though tariffs weighed on the company’s margins.

Write to Nate Wolf at nate.wolf@barrons.com