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.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)