Procter & Gamble (PG) has slowed the decline in sales during the fourth quarter but currency volatility across the world, including in the UK, dampened its outlook for the new year.

Net revenues at the Pampers, Gillette, Ariel and Head & Shoulders maker were down 3% to $16.1bn in the three months to 30 June, which was the eighth successive quarterly fall but an improvement on the 9% decline a year ago.

Full-year sales slipped 8% to $65.3bn as it faced into currency headwinds of 3%, sold off brands and continued to be hit by changes to operations in Venezuela.

Organic sales, stripping out the currency moves, increased 2% in the fourth quarter and 1% in the full year, driven by a 2% rise in volumes.

Sales growth of 6% in health care and 1% in grooming were offset by falls of 5%, 4% and 4% in beauty, fabric & home care and baby, feminine & family care. But P&G registered volume growth in all five segments.

Operating profits increased 22% for the year to $13.4bn, with the previous 12 months affected by a $2bn charge related to its Venezuelan operations.

“The fourth quarter was another period of progress driving P&G’s results to a balance of strong top-line growth, bottom-line growth and cash generation,” said CEO David Taylor, who took charge from AG Lafley in late 2015.

P&G added that further hits from currency volatility, including the devaluation of the pound following Brexit, would dampen projected sales growth by 1% for 2016/17 to just 1%.

The consumer goods giant has been struggling to accelerate its sales growth for a number of years, embarking on a programme of cost cutting and selling off more than 100 brands in a bid to return to top and bottom-line growth.

The disposal of Duracell to Warren Buffett’s Berkshire Hathaway completed in February this year and it expects the $12.5bn sale of more than 40 brands to Coty to be finalised by the end of 2016.

Taylor said in an earnings call today that the completion of the divestments to Coty would be the last major step in the sell-off programme.

P&G is planning another $10bn of savings over the next five years to reinvest in R&D, production and packing improvements and brand awareness and trial building programmes.

“We increased investments in innovation and advertising, funded by strong productivity improvement,” Taylor added. “Looking forward, we’re committed to continued productivity improvement and cost savings that provide the fuel for innovation and investments needed to accelerate and sustain faster top-line growth.”

Shares in the group rose 0.5% to $86.81 in early trading in New York.