P&G earnings growth trimmed by exchange rates

The Procter and Gamble trademark is seen hanging outside the New York Stock Exchange in New York May 7, 2010.

LONDON (Reuters) - Procter & Gamble Co (PG.N) forecast annual earnings for its coming fiscal year would be between flat and up by a mid-single digit percentage amount, with underlying sales set to show a 2 to 4 percent increase.

The world's largest household products maker said on Wednesday that after stripping out foreign exchange effects, core earnings per share would show growth of a mid-to-high single digit percentage in the fiscal year beginning July 1.

For the current fourth quarter of April through June, the maker of Tide laundry detergents and Gillette razors cut its underlying sales growth forecast to between 2 and 3 percent from 4 to 5 percent previously.

It said earnings were now expected in the range between 75 and 79 cents a share, from a previous target of 79 to 85 cents.

Chief Executive Bob McDonald was giving the revised forecasts at a presentation to investors in Paris.

(Reporting by David Jones; Editing by David Holmes)