贸易战冲击消费需求，宝洁大幅下调全年业绩指引

Core Viewpoint - Procter & Gamble (P&G) has significantly lowered its sales and profit forecasts for the year amid increasing uncertainty in tariff policies, reporting a larger-than-expected decline in net sales for the third quarter [1][2]. Group 1: Financial Performance - For the fiscal year 2025, P&G expects total net sales to remain roughly flat compared to the previous fiscal year, a significant reduction from the earlier growth target of 2% to 4% [2]. - In the third quarter, net sales decreased by 2% to $19.78 billion, which was notably below analysts' expectations of $20.11 billion, with the market initially predicting only a 0.44% decline [6]. - The core earnings per share for the third quarter were reported at $1.54, slightly above the market estimate of $1.53 [6]. - The adjusted free cash flow for the third quarter was $2.85 billion, falling short of the market expectation of $3.69 billion [6]. Group 2: Market and Economic Conditions - The uncertainty surrounding tariff policies, particularly the comprehensive import tariffs under the Trump administration, has led to concerns about a potential recession in the U.S. economy, which is P&G's largest market [2]. - Consumer sentiment in the U.S. has noticeably deteriorated, with P&G observing a significant reduction in consumer spending during February and March [3][2]. - P&G raised prices by 1% in the third quarter, but this was accompanied by a 1% decline in sales volume, indicating challenges in relying on price increases for sales growth [3]. Group 3: Competitive Landscape - P&G is not the only consumer goods giant facing challenges; competitors like Reckitt and Kimberly-Clark have also reported declines in sales and lowered profit forecasts due to trade tariffs [4]. - In contrast, companies like Nestlé and Unilever have exceeded market expectations in quarterly sales, benefiting from strong performance in their respective product lines [4].