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Gillette sees improvement
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April 15, 1999: 12:03 p.m. ET
Razor maker says year's 2nd half to be stronger after meeting 1Q forecast
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NEW YORK (CNNfn) - Gillette, reporting first-quarter results that met reduced expectations, said Thursday it expects sales and earnings to be better in the second half of the year.
"With exceptionally strong business fundamentals, an outstanding new product platform and gradually improving global conditions, we look for a return to our more traditional sales and earnings performance levels in the second half of the year," Michael Hawley, Gillette's newly elected chairman, said.
Gillette's (G) first-quarter earnings were little changed at $269 million, or 24 cents a diluted share, compared with $268 million, or 23 cents, a year ago. Earlier this month, the company indicated that results would be a penny below the 25 cents a share consensus of analysts surveyed by First Call.
Sales in the quarter fell 4 percent to $1.94 billion. Not counting the effects of exchange rates and the divestitures of its Jafra Cosmetics and rechargeable battery lines, the company said sales rose 3 percent.
Blade and razor sales and profits were higher than a year ago. But Gillette said that was offset by lower sales of Braun appliance and personal electronics products and toiletries. Sales of Duracell batteries were little changed.
"Market conditions abroad are improving, starting with several Asian countries, and we expect further progress in other international markets as the year unfolds," said Alfred Zeien, who is retiring as the company's chairman.
Gillette stock was up 3/4 to 51-1/16 in mid-Wednesday trading. 
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Gillette
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