Procter & Gamble posts strong profit amid $8bn writedown of Gillette
Personal goods company beats revenue and profit estimates but reports a quarterly net loss of $5bn
30 July 2019 - 17:31
Bengaluru — Procter & Gamble’s (P&G’s) quarterly revenue and profit beat Wall Street expectations on Tuesday, sending shares up even as the world’s No 1 personal goods company took an $8bn writedown on its Gillette shaving business.
Boosted by price hikes and strong demand for its SK-II and Olay beauty products, P&G’s organic sales rose 7%. Price hikes contributed three percentage points to organic sales growth, a closely watched metric that excludes items like acquisitions, divestitures and currency effects. Shares rose 4% in premarket trading...
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