Procter & Gamble, the maker of Tide detergent and Gillette shaving products, reported a better-than-expected rise in quarterly profit, boosted by cost-cutting and higher selling prices.
However, sales declined for the seventh quarter in a row as P&G shrinks its vast product portfolio to focus on faster-growing brands such as Pampers diapers and Gillette.
Shares of P&G closed down 2.3 percent Tuesday.
