The Procter & Gamble Co. continues to trim back its workforce as it seeks to move ahead.
The consumer products giant, which held an investor meeting Thursday in Cincinnati, set itself a goal of cutting its non-manufacturing workforce by 2 to 4 percent from fiscal 2014 to fiscal 2016. Those cuts come on top of the roughly 5,700 jobs P&G plans to cut during fiscal 2013, which is currently in its second quarter. RELATED STORY: P&G Beauty Sales Fall; More Innovation on Deck >>
The company has a total of 126,000 employees and is already in the midst of a plan to trim $6 billion from the costs of goods sold, $3 billion from selling, general and administrative expenses and to save $1 billion through marketing efficiencies.
In addition to cutting costs, the company is vying to keep up its momentum in developing markets, further build established markets and turn out new products for shoppers.
“Our plan is decisive, simple and focused — grow our core and win with innovation fueled by productivity,” said Bob McDonald, chairman, president and chief executive officer.
P&G also stood by its sales and profit guidance for the current year, but raised the possibility that it could repurchase $4 billion to $6 billion of its own shares, up from the previous projection of $4 billion in repurchases.
Shares of the company fell 0.3 percent to $66.31 Thursday.
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Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
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24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews