
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.
[AP]
More Must-Reads from TIME
- Inside Elon Musk’s War on Washington Meet the 2025 Women of the Year Why Do More Young Adults Have Cancer? Colman Domingo Leads With Radical Love 11 New Books to Read in February How to Get Better at Doing Things Alone Cecily Strong on Goober the Clown Column: The Rise of America’s Broligarchy
- Inside Elon Musk’s War on Washington
- Meet the 2025 Women of the Year
- Why Do More Young Adults Have Cancer?
- Colman Domingo Leads With Radical Love
- 11 New Books to Read in February
- How to Get Better at Doing Things Alone
- Cecily Strong on Goober the Clown
- Column: The Rise of America’s Broligarchy
Contact us at letters@time.com