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P&G's shares were up 2.2 percent at $86.00 in premarket trading
on Tuesday.
The company has been selling off unprofitable brands and
focusing on core brands such as Tide, Pampers and Gillette to
revive sluggish sales. P&G sold 41 of its brands, including
Clairol and Wella, to Coty Inc in a $12.5 billion deal earlier
this month.
P&G is also reducing costs through a multi-year plan to save up
to $10 billion.
Cincinnati, Ohio-based P&G said net income attributable to the
company rose to $2.71 billion, or 96 cents per share, in the
first quarter ended Sept. 30, from $2.60 billion, or 91 cents
per share, a year earlier.
Excluding items, P&G earned $1.03 per share from continuing
operations, slightly beating the average analyst estimate of 98
cents, according to Thomson Reuters I/B/E/S.
Net sales remained largely flat at $16.52 billion, but beat
analysts' average estimate of $16.49 billion.
P&G's quarterly sales have been mostly falling for more than
three years, as the company has been cutting its brand
portfolio.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by
Martina D'Couto)
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