This article was originally published in The Rose Sheet
Second quarter results will be lower than expected, with sales increasing in the low single digits and earnings per share down 20%, the company announced June 17. Gillette's razors and blades business should make "good progress," driven by Mach 3 sales, which are "exceeding expectations," the company noted. While the toiletries, Braun and stationery businesses have "shown progressive improvement" since the first quarter, "sales have been softer than originally anticipated." In addition, certain overseas markets, including Brazil, Germany, Japan and Russia, have not recovered at the rate anticipated. Separately, the board approved an expansion of a share repurchase program from 50 mil. to 75 mil. shares. Fifty million shares will be bought back by the end of 1999, with the remaining repurchased within 12 to 18 months
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