P&G hit as costs climb

Procter & Gamble (P&G) reported a decline in its third-quarter operating margin and said a strong dollar hurt sales of its grooming products, sending shares of the maker of Pampers and Gillette down.

Soaring commodity and transportation costs have eroded margins across the consumer goods industry over the past year. P&G said its core operating margin declined by 60 basis points to 19.9%, and was hurt by foreign exchange fluctuations.