Procter & Gamble Profit Up on Sales
Procter & Gamble Co. said first-quarter profit jumped 33% on lower costs and rising sales from the Clairol hair-care unit acquired last year.
Net income climbed to $1.46 billion, or $1.04 a share, the company said. Sales rose 11% to $10.8 billion, the fastest pace in seven years.
Clairol and Olay skin creams boosted cosmetics and hair-care sales 27%, while new varieties of Crest toothpaste and toothbrushes lifted health-care product sales 20%. Chief Executive A.G. Lafley has cut costs $2 billion a year, using savings to increase advertising and develop products.
Shares of Cincinnati-based Procter & Gamble rose $3.26 to $89.01 on the New York Stock Exchange.
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