Consumer products company Procter & Gamble's third-quarter net profit to March 31 rose 37% to $2.21bn (£1.2bn) on net sales up 21% to $17.25bn.

However, P&G's sales figures came below analyst forecasts of $17.6bn, causing shares in the company to fall.

A G Lafley, chairman, president and chief executive of P&G, said: “The combination of strong topline momentum, improving gross margins and good progress on Gillette integration gives us the confidence to rasie our EPS outlook for the fiscal year.”