Procter & Gamble shares were down about 3% Wednesday morning after the company reported a profit decline and gave guidance for the coming year below Wall Street's expectations.

Higher costs and sluggish sales weighed on the company's results. Chief Financial Officer Andre Schulten told the Journal that the consumer-products giant is working "harder than we've had to in a long time" to win over shoppers, given the budget constraints that are pinching consumer spending. He warned of the potential for further volatility ahead tied to higher commodity costs because of the unrest in the Middle East.