The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
CINCINNATI, United States — Procter & Gamble Co., the world's largest consumer-products maker, posted fourth-quarter profit that beat analysts' estimates, helped by cost cuts.
Profit was $1 a share, excluding some items, Cincinnati-based P&G said in a statement Thursday. Analysts estimated 95 cents, on average.
Chief Executive Officer A.G. Lafley, who’s stepping down from his second stint at the helm in November, has streamlined operations, reorganized management and cut jobs since retaking the reins just over two years ago. The company also has worked to sell pet-food, battery and cosmetics businesses to focus on core brands like Tide detergent, Pampers diapers and Gillette shaving products.
“They’ve done a pretty good job trying to right-size,” Jack Russo, an analyst at Edward Jones, said in an interview. “The hope is that they can start showing some growth again off this smaller base.”
ADVERTISEMENT
P&G rose 0.7 percent to to $81.15 at 7 a.m. in New York. The shares had slid 11 percent this year through Wednesday.
By Lauren Coleman-Lochner, Matt Townsend; editors: Nick Turner, Kevin Orland, Molly Schuetz.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.