We also expect the company's adjusted gross profit margin to decline nearly 10% y-o-y in Q4, on the back of rising delivery costs. Procter & Gamble's stock price has declined more than 10% over the course of 2018, due to falling prices and rising cost inflation. We also estimate flattish trends in the Grooming segment in Q4 despite the declining revenue trend, due to the rising popularity of its direct-to-customer model Gillette-On-Demand, which could offset some secular pressure from the likes of Dollar Shave Club.