Business Services Industry
Gillette Quarterly Profits Down $431 Million.
Knight Ridder/Tribune Business News, October, 1998 by Reidy, Chris
Knight Ridder/Tribune Business News
Oct. 16--After announcing big layoffs last month and warning that sales and profits would fall, Gillette Co. said yesterday third-quarter net income dropped to $6 million, compared with a profit of $437 million in the same quarter last year.
Net profit for the most recent quarter included a one-time "realignment" charge of $347 million, the Boston-based maker of razors and toiletries said. Sales decreased 6.3 percent to $2.53 billion.
Gillette made no additional information public yesterday about the 4,700 job cuts it announced Sept. 28. Job cuts and plant closings are set to phase in over 18 months.
The third-quarter results were not unexpected. Last month, Gillette warned investors that its...
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