Procter & Gamble (P&G) has posted sales growth of 4%, its highest quarterly figure in five years, despite reducing its spending on marketing by 6% over the same period. The company said it expects to report a profit for the fourth quarter ending March 31, up from an expected loss of $900 million during the first quarter. Spending cuts are estimated to have saved P&G $130m over the period, while the growth was in part driven by higher online sales for the company's Gillette Shave Club.
Procter & Gamble (P&G) has posted sales growth of 4%, its highest quarterly figure in five years, despite reducing its spending on marketing by 6% over the same period. Sales grew to $16.7bn in the company's first fiscal quarter of the year, far in excess of the 1.6% growth projection by Factset's average of analysts. Spending cuts are estimated to have saved P&G $130m over the period, while the growth was in part driven by higher online sales for the company's Gillette Shave Club.