Procter & Gamble plans to sell more than half of its brands in order to streamline the company and boost sales growth, CEO A.G. Lafley announced during the company's earnings presentation for its fiscal fourth quarter and full year ended June 30.
Lafley said that P&G will focus on 70 to 80 consumer brands, including Tide and Pampers, which together account for some 90% of the company's sales and 95% of profits, and either divest or find ways to exit between 90 to 100 smaller brands, reported The Wall Street Journal.
"We are going to create a faster growing, more profitable company that's far simpler to operate," he said.
P&G's net sales declined 1% in the fourth quarter, although organic sales rose 2%.
For the full fiscal year, net sales edged up 1% to $83 billion, and organic sales rose 3%. Net income rose 3% to $11.6 billion.Lafley said that although P&G delivered on its financial commitments for the fiscal year, it "should have and could have done better."