Related Content
- Pantene Pro-V gets spokeswoman for Nature Fusion collection
- P&G teams with Communities In Schools, John Legend to launch new GIVE Education campaign
- P&G's Steele to retire, business units to be consolidated
- P&G updates Pampers Cruisers, announces special promotion with Target
- P&G targets men shopping at CVS with new 'Guy Aisle' prototype in Charlotte, N.C.
CINCINNATI — Procter & Gamble on Friday announced a decrease in third-quarter profit, as sales rose 2%.
Net sales during the quarter rose 2% to $20.2 billion. Organic sales rose 3%.
Net earnings totaled $2.41 billion, or 82 cents per diluted share, compared with $2.87 billion, or 96 cents per diluted share, in the year-ago period.
In the company’s beauty segment, net sales rose 1% to $4.8 billion on unit volume growth of 1%. Organic sales grew 2%. Net earnings rose 3% to $523 million.
In grooming, net sales were in line with the prior year at $2 billion. Unit volume rose 1% and organic sales were up 2%. Net earnings slipped 4% to $398 million.
In February, P&G unveiled a larger than expected cost-savings program that involves cutting a total of 5,700 nonmanufacturing jobs in an effort to trim costs by the end of fiscal 2016. The move is part of a new plan to cut costs by $10 billion through fiscal 2016.
