P&G reported a net loss of approximately $ 5.24 billion, or $ 2.12 per share, for the quarter ended June 30, due to an inaccurate $ 8 billion ticket registered with Gillette.
Gillette’s clothes, gels and foams are some of P & G’s most internationally distributed products. The writing was due to foreign exchange fluctuations, increased competition and a contracting market for blades and razors as consumers in developed markets shave less frequently quoted P&G
Procter & Gamble Co’s quarterly earnings and earnings surpassed Wall Street expectations on Tuesday, sending stocks even as the world’s No. 1 freight company received a $ 8 billion write-off in its Gillette shaving business.
The company has lowered prices on its grooming business, which includes Gillette, hoping to regain market share from upstart shaving brands such as Harry’s and Dollar Shave Club. Net sales in the grooming business have declined in 11 of the last 12 quarters.
Excluding the items, the company earned $ 1.10 per share, beating the analyst’s average estimate of $ 1.05.
The company‘s net sales rose 3.6% to $ 17.09 billion in the fourth quarter, beating analysts’ average estimate of $ 16.86 billion, according to IBES data from Refinitiv.