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. And the increasing popularity of body-shaving by men could offset losses in facial hair grooming, the company said.