Procter & Gamble makes progress but weakness persists in some divisions
New York — Less than two weeks after declaring victory in a proxy war, Procter & Gamble’s (P&G) results show the company is making progress in some areas — but robust sales growth remains elusive. Profit exceeded forecasts and sales met expectations. Nonetheless, the company reported weakness in the grooming, baby, feminine and family-care divisions. Billionaire investor Nelson Peltz has said that P&G is being held back by an unwieldy structure and trails peers in performance and innovation, while the company argues a turnaround is taking hold. "First-quarter sales and earnings results were in line with our going-in expectations and keep us on track to deliver our targets for the fiscal year," CEO David Taylor said in a statement. Profit was $1.09 a share on an adjusted basis, the company said on Friday, topping the consensus estimate of $1.08. Overall organic sales rose 1%. Growth in the beauty, healthcare, and fabric and homecare segments offset declines in the other areas. Shares...
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