3M said the strong dollar reduced sales by about 5% in the latest quarter.
3M cut its profit and sales forecast for the year, as weakening demand from customers and the U.S. dollar’s strength against foreign currencies pulled down quarterly sales.
Sales of the industrial conglomerate’s products, which include Scotch tape, bandages, furnace filters and safety equipment, fell 3.6% from the same period last year, 3M said.
Executives said inflation weighed on consumer spending, and declining cases of Covid-19 reduced demand for the company’s face masks.