WRAPUP 2-P&G, Colgate top expectations; P&G shares rise

* P&G Q1 EPS $1.06 vs. Street view $0.99

* Colgate Q3 EPS $1.12 vs. Street view $1.11

* Sales at both companies slightly higher than expected

* P&G raises sales forecasts, low end of EPS view

* P&G shares up 3.7 pct, Colgate up 0.9 pct (Recasts, adds P&G and analysts' comments, updates stocks)

By Jessica Wohl

CHICAGO, Oct 29 (Reuters) - Procter & Gamble Co (PG.N: Quote, Profile, Research) blew past profit forecasts on Thursday as sales started to rebound, pleasing investors who were eager to see whether the new chief executive's efforts to win back shoppers were paying off.

P&G's pantry of name-brand household products has been pressured for months, as shoppers opted for less expensive store-branded diapers and detergent rather than buying the company's Pampers and Tide.

In the latest quarter, total sales came in slightly ahead of Wall Street expectations and the company raised its full-year sales view.