P&G tops forecasts as company cuts costs, steps up marketing

CINCINNATI (AP) — Procter & Gamble reported a quarterly profit Tuesday that topped Wall Street expectations as the world's biggest consumer products company worked on slashing costs and pruning its product lineup to offset slow growth.

The maker of Tide detergent, Charmin toilet paper and Pantene shampoo said its sales declined for its fiscal fourth quarter, hurt by unfavorable currency exchange rates.

In laundry detergents, for example, the company introduced a "Tide and Downy Odor Defense Collection" this year that it says is specifically designed to fight smells from workout clothes.

During the company's earnings call, P&G CEO David Taylor said more people are wearing workout clothes and that the rollout was intended to address "a very specific need the customer has."

The Cincinnati-based company has said it plans to reinvest a significant portion of its savings from cost-cutting back into programs like product sampling that help drive sales.