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Article: Colgate-Palmolive 1Q profit rises 9 percent
- Article from:
- AP Worldstream
- Article date:
- April 30, 2009
- Author:
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Higher selling prices and cost cuts helped first-quarter profit rise 9 percent, consumer goods maker Colgate-Palmolive Co. said Thursday, despite the stronger dollar and a drop in European sales.
Consumers still paid more for their favorite Colgate-Palmolive products in the quarter, despite persistent worries about layoffs and waning consumer spending. Thursday's figures from the Commerce Department showed that U.S. consumer spending declined by a worse-than-expected 0.2 percent in March.
Bina Thompson, the company's vice president of investor relations, said that trading down to cheaper products by consumers "has not had a significant impact on our business."
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