(AOF) – Procter & Gamble fell 2.58% to 148.13 dollars. The consumer goods giant, which owns Ariel laundry detergent and Head & Shoulders shampoo, among others, said it would record an impairment charge excluding cash flow impacts of $1.3 billion before tax in the quarter. ongoing ending December 31 for its Gillette business. Procter & Gamble, which bought Gillette for $57 billion in 2005, derives about 8% of its total revenue from the toiletries business.
Chief Financial Officer Andre Schulten warned that the company expected its Gillette business to grow in the 5% range, consistent with growth over the past three years.
In 2019, P&G took an $8 billion charge on the unit due to foreign exchange rate fluctuations.
The company also said it expects charges of between $1 billion and $1.5 billion after tax related to the restructuring of its operations in Argentina and Nigeria, as it faces conditions difficult macroeconomic conditions.
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