Gillette Reports Q2, Half-Year Results Jul 29, 2004

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Personal care appliance maker The Gillette Company reported record net sales, net income, and diluted net income per share for the second quarter and first 6 months of 2004. According to the company, results were spurred by strong sales of its new products, accelerated growth in emerging markets, ongoing cost savings, and increased manufacturing productivity.

Net sales for the second quarter rose 8 percent to U.S. $2.44 billion from $2.25 billion in the second quarter of 2003. Net income for the second quarter climbed 26 percent to $426 million from $338 million in 2003. Diluted net income per common share rose 27 percent to $0.42, up from $0.33 from the same period last year.

For the 6 months, net sales grew 11 percent to $4.68 billion, compared with $4.23 billion in 2003. Net income for the 6 months was $802 million, 33 percent above the $601 million last year, or an increase of 36 percent to $0.79 from $0.58 in diluted net income per share.

"We have good new product momentum," said James M. Kilts, chairman, president and CEO. "Trade acceptance of our M3Power shaving system has exceeded historic norms with more than 100,000 displays shipped to retailers within 4 weeks of its launch."

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