NEW YORK (AP) — Procter & Gamble's fiscal third-quarter net income rose 2 percent as it cut costs to offset sluggish sales in categories like beauty and family products.
The world's largest consumer product maker's adjusted earnings topped analysts' estimates, but revenue fell short. Investors were looking for stronger growth and shares fell slightly in morning trading.
Since CEO A.G. Lafley returned to the company in May, Procter & Gamble Co. has focused on its most profitable markets and products and on introducing new products. It sold off most of its pet care business earlier this month for $2.9 billion.
"We're operating in a slow-growth, highly competitive environment, which places even greater importance on strong innovation and productivity improvement," Lafley said in a statement.
The Cincinnati-based company's turnaround plan also includes cutting costs to save $10 billion by fiscal 2016. It said it is redesigning its supply chain in North America, including enabling more of its 35 manufacturing facilities to make more than one category of goods and bringing them closer to its customers and consumers.
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