Procter & Gamble is taking a one-time, $eight billion write down associated to the Gillette enterprise, the corporate mentioned Tuesday.
Chief monetary officer Jon Moeller mentioned the Gillette enterprise has confronted vital foreign money impacts which, mixed with decrease shave frequency, induced P&G to take a one-time, non-cash accounting write down. He additionally acknowledged new opponents within the shaving house, although he claimed they’d “much less of an impact” on the Gillette enterprise than foreign money and shaving tendencies.
Moeller famous that Gillette’s Pores and skin Guard launch, which is supposed to assist males shave with much less pores and skin irritation, is off to a robust begin.
“That’s been one of the reasons men are shaving less frequently is because it’s irritating to their skin,” Moeller mentioned Tuesday morning. P&G is hoping Pores and skin Guard can deliver males again into the shave class, he famous.
“This is still an incredibly valuable asset,” he added of the model, which P&G acquired in 2005 for $57 billion.
Moeller hopped on a name with journalists Tuesday morning after P&G launched its monetary outcomes for the fourth fiscal quarter and financial 12 months.
Fourth quarter internet gross sales had been $17.1 billion, up 4 % from the prior -ear interval, with a diluted internet loss per share of $2.12,
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