P&G to cut 7,000 jobs in two years, cites tough times
New Delhi: FMCG major Procter & Gamble on Thursday announced it would reduce 7,000 jobs, or about 15 per cent of its current non-manufacturing positions, globally over the next two years. The company said employee separations will be managed with support and respect, and 'in line with our principles and values and local laws'.
'Specific impacts by region or site are not available at this time.
Plans will be implemented over the next two fiscal years, allowing us appropriately sequence the delivery of important innovation and operational projects,' said the company in a statement.
'We're continuing our strong track record of cash return to shareowners. Over the first three quarters of fiscal year 2025, P&G has returned more than $13 billion dollars to shareowners through dividends and share repurchases,' said Andre Schulten, Chief Financial Officer, and Shailesh Jejurikar, Chief Operating Officer, at the 2025 Deutsche Bank Global Consumer Conference.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fibre2Fashion
3 hours ago
- Fibre2Fashion
US' G-III Apparel holds FY26 sales forecast, posts higher Q1 earnings
American clothing company G-III Apparel Group has reaffirmed its net sales outlook for fiscal 2026 (FY26) at approximately $3.14 billion, slightly below the $3.18 billion recorded in fiscal 2025. However, it has withdrawn its net income, non-GAAP income, and adjusted EBITDA guidance issued in March due to uncertainty surrounding tariffs and broader macroeconomic conditions. As of June 5, 2025, current tariff rates are expected to add around $135 million in unmitigated costs, largely in the second half of the year. The company aims to offset these impacts through diversified sourcing, selective pricing adjustments, and cost-saving measures, it said in its financial statement. G-III Apparel Group has reaffirmed its FY26 net sales outlook at $3.14 billion but withdrawn earnings guidance due to tariff-related uncertainty, which may add $135 million in costs. Q1 FY26 sales dipped 4 per cent, but net income rose to $7.8 million. Q2 sales are projected to decline year-on-year. The company cut debt by 96 per cent and repurchased $19.7 million in shares. For the second quarter (Q2) ending July 31, 2025, net sales are projected at $570 million, down from $644.8 million year-on-year, impacted by supply chain disruptions and timing shifts in key programmes. Gross margin is expected to remain stable. Net income is forecast between $1 million and $6 million, or $0.02–$0.12 per diluted share, sharply down from $24.2 million, or $0.53 per diluted share, in Q2 FY25. For the first quarter (Q1) ended April 30, 2025, G-III Apparel Group has reported a 4 per cent year-on-year decline in net sales to $583.6 million, down from $609.7 million in the same period last year. Despite the revenue drop, net income rose to $7.8 million, or $0.17 per diluted share, compared to $5.8 million, or $0.12 per diluted share, in Q1 FY25. On a non-GAAP basis, net income per diluted share came in at $0.19, excluding $1.0 million in one-time severance expenses related to a closed warehouse. This adjustment accounted for a $0.02 per share impact. There were no non-GAAP adjustments in the prior year's first quarter. As of the end of the quarter, inventories declined 5 per cent to $456.5 million, while total debt was slashed by 96 per cent to $18.7 million from $426.4 million. The sharp reduction followed the company's voluntary redemption in August 2024 of its $400 million senior secured notes, financed through cash reserves and borrowings from its revolving credit facility, the statement added. Additionally, the company repurchased 807,437 shares for $19.7 million during the quarter, underscoring its continued commitment to shareholder returns. Morris Goldfarb, G-III's chairman and chief executive officer , said, 'G-III delivered solid first quarter results, marked by earnings that exceeded the high end of guidance. Our performance was fuelled by double-digit growth of our key owned brands, DKNY, Karl Lagerfeld and Donna Karan, which largely offset the exit of the Calvin Klein jeans and sportswear businesses. These results underscore the strong demand and desirability of our brand portfolio and are a testament to our team's outstanding execution.' Goldfarb concluded, 'We are reaffirming our net sales guidance for fiscal 2026 and working diligently to mitigate the impact of tariffs. Our experienced management team has a proven track record of successfully navigating periods of uncertainty, and we view the ongoing disruptions as an opportunity to strengthen our competitive position and capture incremental market share. As we advance our strategic priorities, we have never been more confident in the global resonance of our brands and the significant growth potential ahead to drive long-term profitability and shareholder value.' Fibre2Fashion News Desk (KD)
India.com
5 hours ago
- India.com
Why Parle-G Costs Rs 2,300 In Gaza? Viral Video Reveals Food Crisis Plight
A video going viral of a Palestinian dad handing over a packet of India's favourite Parle-G biscuits to his daughter has highlighting the severe food crisis in Gaza, where the cost of the biscuit has risen to Rs 2,300 because of the ongoing Israel-Palestine war. Viral Video Sparks Global Attention On June 6, a resident of Gaza named Mohammed Jawad uploaded a video on X wherein he is giving his daughter, Rafif, a packet of Parle-G, her favourite biscuit. In the caption, Jawad had written, "After a long wait, I finally got Rafif her favourite biscuits today. Even though the price jumped from €1.5 to over €24, I just couldn't deny Rafif her favourite treat." The video, which showed the outrageous price tag of the otherwise low-priced biscuit, went viral, leaving viewers who were used to Parle-G's usual Rs 100 price point in foreign markets speechless. June 1, 2025 Food Scarcity Drives Price Surge The Gaza conflict has resulted in critical food shortages, with prices of common items such as Parle-G taking a dramatic rise. Normally costing Rs 100 for a packet worldwide, the biscuit is now available for up to Rs 2,342 in Gaza because of low availability and broken import channels. The crisis has rendered even staple items scarce, worsening the plight of civilians in the conflict area. Online Reactions And Calls For Aid The clip elicited mass reactions on X, with people shocked and empathising. A user named India's External Affairs Minister S Jaishankar, pleading, "The baby is having India's favourite biscuit. May we send more Parle-G to Palestine? These are glucose biscuits and will ease the civilian population." Another said, "Rafif deserves all the biscuits she wants, be safe family," capturing the emotional impact of the story. Wider Gaza Crisis Context The Parle-G price hike reflected the wider humanitarian crisis in Gaza, where conflict has ravaged food supply chains, driving up prices and leaving families scrambling to afford even basic foodstuffs. As matters deteriorate, demands for international intervention, including food aid, remain on the increase. Parle Products, the manufacturer of Parle-G, has yet to make a comment on the viral video or the Gaza situation. This article will be updated if a statement is made.
New Indian Express
7 hours ago
- New Indian Express
PMAY-G transforms rural India, says Union Minister of State Pemmasani
GUNTUR: Union Minister of State for Rural Development and Communications Pemmasani Chandrasekhar on Friday emphasised the pivotal role of rural transformation in India's progress. Addressing the Regional Rural Workshop in Goa, held under the Pradhan Mantri Awas Yojana–Gramin (PMAY-G), he said the event showcased the collaborative spirit required to build a new India. Chandrasekhar noted that PMAY-G, launched in 2016 under Prime Minister Narendra Modi's leadership, embodies the principle of Antyodaya—uplifting the most marginalised. 'The scheme is not just a policy but a movement turning aspirations into concrete homes, offering families a journey from uncertainty to security,' he said. The Centre aims to build 4.95 crore rural homes by March 2029. Of these, 3.90 crore have been sanctioned and 2.76 crore completed. 'Each number represents a secure family—children studying safely, elders living with dignity, and parents resting peacefully,' he added. The Minister stressed that PMAY-G is about holistic development. Integrated with flagship schemes like Ujjwala Yojana, Jal Jeevan Mission, and Swachh Bharat, it is ensuring access to clean water, sanitation, and cooking gas in rural homes. He also highlighted the adoption of green housing technologies and the use of Artificial Intelligence to ensure transparent beneficiary selection, noting that the government's focus remains on long-term impact over mere statistics. Calling microfinance a key bridge to fulfilling rural aspirations, Dr. Chandrasekhar said the future lies in innovation, data-driven decision-making, and inclusive financial support. These, he asserted, will drive the transformation of rural India into a model of sustainable development.
