Procter & Gamble has vowed to step up its focus on core markets including the UK over the next year after issuing its second profits warning in as many months today.
The Gillette maker told investors that organic sales would grow by 2-3% over the coming quarter instead of 4-5%. Total sales are set to fall by 1-2% instead of achieving growth of 1-2%.
For the full year, organic growth of 2-4% is expected.
“We are making the necessary adjustments to our growth strategy to increase focus on our core business and to achieve more balanced growth across geographies, product categories and the top and bottom lines,” said chief executive Bob McDonald.
“The entire P&G organisation – and specifically its leadership – is committed to winning. With more focus and better balance, we are confident we can deliver the level and quality of results that will enable P&G to win with our consumers, our customers and our shareholders.”
His comments came after P&G earlier this year signalled widespread job cuts in a drive designed to generate savings worth billions of dollars.