(Reuters) -Procter & Gamble missed Wall Street expectations for fourth-quarter sales on Tuesday, as a cutback in spending by price-conscious consumers in the U.S. and Europe led to slower growth for its beauty and home care products.
Shares of the Tide detergent maker fell 2.3% in premarket trading.
Like its consumer goods peers Nestle and Unilever, P&G has seen a hit to sales as shoppers trade down to private label brands to offset price hikes on daily-use items like detergents and shampoos by popular household brands.
P&G reported a 1% rise in overall volumes in the fourth quarter, while the average prices across its product categories also rose 1%.
Its fourth-quarter net sales slipped to $20.53 billion from $20.55 billion a year ago. Analysts had expected $20.74 billion, according to LSEG data.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Arun Koyyur)