Cincinnati-based Procter & Gamble, the world’s largest consumer products manufacturer and a member of the Dow 30, saw its second-quarter earnings fall 31% to $2.37 billion. Sales during the quarter, ended December 31, decreased 4% to $20.2 billion.

Beauty, Hair and Personal Care saw sales slip 6% to $4.9 billion, while Grooming sales fell 5% to $2 billion. Organic sales in Beauty, Hair and Personal Care decreased 1%, driven primarily by declines in the Prestige and Skin and Personal Care categories. This was partially offset by innovation-driven sales growth in the Salon Professional and Antiperspirant & Deodorant businesses. Grooming segment organic sales increased 2% due to higher pricing and innovation on Gillette grooming, and innovation on Braun. This growth was partially offset by lower shipment volume.

P&G Chief Executive Officer, A.G. Lafley said that the quarter “was a challenging one with unprecedented currency devaluations…virtually every currency in the world devalued versus the U.S. dollar…the outlook for the year will remain challenging.”

Foreign exchange will reduce fiscal 2015 sales by 5% and net earnings by 12%, or at least $1.4 billion after tax.

Other beauty news coming from the conference call:

• Hair Care organic sales in developing markets were up driven by pricing across all regions. This growth was more than offset by declines in Japan due to competitive activity. Pantene US organic sales grew low single digits with share up 0.4 points behind innovation and marketing improvements.

• Skin Care organic sales declined due to merchandising investments in the U.S. and lower sales in China.

• Antiperspirants and deodorants organic sales were up high single digits, and global value share increased 0.3 points. Old Spice sales grew driven by expansion to Brazil and double digits growth in the U.S. behind successful innovation.

• Personal Cleansing organic sales declined low single digits as growth in developed regions behind innovation and distribution expansion was more than offset by declines in Mexico.

• Cosmetics organic sales were flat. Successful innovation on Max Factor in Europe and China was offset by higher merchandising investments in developed regions.

• Organic sales in Prestige decreased mid-single digits mainly due to a difficult base period comparison that included a high level of innovation activity.

• Salon Professional organic sales were up low single digits driven by pricing and positive mix supported behind recent innovations.

As of close of trading Wednesday, P&G’s stocked fell 6.15% to $85.15.