Gillette Profits Rise 20 Percent Oct 22, 2002

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Personal care and battery manufacturer The Gillette Co. reported a 20 percent jump in third-quarter profits Tuesday as cost-cutting offset weaker sales of its Duracell battery brand.

Boston, MA, U.S.-based Gillette met analysts' expectations by earning U.S. $354 million, or $0.33 per share, in the quarter ending Sept. 30, up from $296 million, or $0.28 per share, in the same quarter a year ago.

Sales rose 2 percent to $2.17 billion. Blade and razor sales rose 3 percent to $887 million, and profits in that division rose 14 percent to $377 million.

Duracell sales fell 4 percent to $482 million and the brand lost 2 points of market share, Gillette said, but profits rose 41 percent to $78 million due to cost-cutting and stronger operating margins.

"We are pleased with our third-quarter and year-to-date performance," said Gillette chairman and chief executive James M. Kilts. "We continue to make good progress in strengthening our brands, reducing costs and improving our capabilities throughout the company. Our success with new products across the board is a good indicator of our overall momentum." (AP)

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