NEW YORK (AP) — Procter & Gamble's fiscal first-quarter net income rose 8 percent as the world's largest consumer products company sold more of its detergent and diapers globally and cut costs.
The results were in line with Wall Street expectations and the company reaffirmed its 2014 forecast.
The Cincinnati-based company, whose products range from Tide detergent to Crest toothpaste and Gillette razors, is in the midst of a turnaround plan that includes focusing on its most profitable core businesses and cutting costs to save $10 billion by fiscal 2016.
In the developed markets such as the U.S. and Europe, P&G has been trying to adjust its prices to stay competitive, cutting prices on some products and raising prices on others. P&G said it held or grew market share in two-thirds of its product categories globally, and two-thirds to 70 percent of categories in North America.
But CFO Jon Moeller that there are some brands in its beauty segment that need to do better, specifically its Oil Of Olay skin care business, North American Pantene hair products and its Salon professional businesses.
"I will readily admit we have more work to do," he said in a call with analysts.
P&G is also working on localizing its supply chains to save money.
"We're continuing to work on North America and European supply chain redesign to lower-cost, reduce inventory and improve customer service," Moeller said. "This work will require additional investment in both restructuring and capital, but should generate very attractive returns."
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