“The beard-and-mustache trend has gotten hair all over Procter and Gamble’s earnings.
The consumer goods giant said Friday facial-hair-chic is hurting its second-quarter earnings, with the three-day “hipster” stubble shaving profits as men buy less grooming equipment, the Associated Press reports. Procter and Gamble’s net income for the quarter dropped to $3.4 billion, down from $4.1 billion in the year-ago period as the company’s Gillette razors and shaving cream and Braun electric razors sales dropped.
“Movember,” a November mustache movement to raise awareness of prostate cancer also didn’t help earnings, the company said.
Revenue remained steady, however, with $22.28 billion for the quarter reflecting little change from last year.”* The Young Turks hosts Cenk Uygur and Ana Kasparian break it down.
*Read more here from Sam Frizell / Time:
http://business.time.com/2014/01/25/your-hipster-mustache-is-destroying-proctor-and-gambles-profits/
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary)
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