default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

P&G to Record Up to $2.5 Billion in Charges Related to Gillette Business, Restructuring

The consumer goods giant said it would take a $1.3 billion non-cash impairment charge before tax in the current quarter ending Dec. 31 on its Gillette business, which it acquired in 2005.
Procter & Gamble Co. sold fewer household staples than expected last quarter as consumers grew more cautious about higher prices.
The consumer goods giant said it would take a $1.3 billion non-cash impairment charge before tax in the current quarter ending Dec. 31 on its Gillette business. (Shutterstock)

Procter & Gamble said on Tuesday that it would record up to $2.5 billion in charges over two fiscal years related to writing down the value of its Gillette business and the restructuring of certain markets.

The consumer goods giant said it would take a $1.3 billion non-cash impairment charge before tax in the current quarter ending Dec. 31 on its Gillette business, which it acquired in 2005.

The company said it was restructuring its business in Argentina and Nigeria as it deals with difficult macroeconomic conditions. The charges will be between $1 billion and $1.5 billion after tax, P&G said.

P&G blamed a stronger US dollar for the charges.

Total charges will be between $2 billion and $2.5 billion after tax, the company said, and will be recognised in fiscal years 2024 and 2025.

The company said it was looking to divest its fabric and home care business in Argentina and turn Nigeria into an import-only market.

By Juveria Tabassum

Learn more:

P&G to Weigh $1 Billion Sale of VS Sassoon’s China Business

Procter & Gamble Co. has started gauging preliminary investor interest for the VS Sassoon business in the world’s second-largest economy, according to the people with knowledge of the matter.

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Beauty
Analysis and advice on the fast-evolving beauty business.




view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024