By  on August 3, 2012

Bob McDonald defended Procter & Gamble Co.’s business model Friday, pointing to the prestige beauty business as an example of success. But the consumer product giant’s chairman, president and chief executive officer also acknowledged it will take some time to get the company back on the track it wants.

Fourth-quarter profits were flat in the company’s beauty division, and sales slipped as competition in North America and Western Europe heated up.

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