P&G Profit Tops Estimates as Lafley's Cost Cuts Widen Margins
- Lower expenses help net income increase by 31 percent
- Sales volumes decline in all of P&G's product categories
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Procter & Gamble Co.’s A.G. Lafley, who steps down as chief executive officer in a week, finished his term in characteristic fashion: using cost cuts to offset the company’s sluggish sales.
P&G posted earnings of 98 cents a share for its fiscal first quarter, excluding some items, according to a statement on Friday. That topped the 95 cents that analysts had estimated, even while revenue tumbled more than anticipated.