Profits soar at Procter & GambleProcter & Gamble Co., the...

BUSINESS DIGEST

August 11, 1994

Profits soar at Procter & Gamble

Procter & Gamble Co., the nation's largest maker of household and personal care products, reported record full-year profits and strong quarterly results yesterday, signaling a clear rebound after a year-old restructuring.

The company attributed the robust performance to growing sales and lower costs that followed its huge overhaul last June, in which it took a $1.5 billion restructuring charge to close 30 factories, including a Locust Point plant, and eliminate 13,000 jobs worldwide.

For the fiscal year that ended June 30, earnings surged to $2.2 billion, compared with a loss of $656 million a year ago, when results were depressed by the charge and accounting changes.

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