By Jessica Wohl
CHICAGO (Reuters) - Procter & Gamble Co. (PG.N: Quote, Profile , Research) said on Thursday that it should return to double-digit earnings per share growth in its next fiscal year and will cut the number of its distribution sites in half as it forges ahead with the integration of Gillette.
The company also stood by its sales and profit forecasts for the current fiscal second quarter as it met with analysts and investors at its headquarters in Cincinnati.
"I don't think there were any surprises to anyone," said SunTrust Robinson Humphrey analyst Bill Chappell, who attended Thursday's meeting.
Over the past few years, P&G has worked on expanding higher-margin businesses such as bringing the Olay line beyond skin lotions and creams into serums and peels. It has also worked on its relationships with retailers, moved some of its marketing spending away from television and taken a closer look at how to sell its products to lower income consumers, particularly in developing countries.
"These choices are paying off and our business is healthy," said Chief Financial Officer Clayt Daley during the company presentation, which was broadcast on the Internet.
At the same time, P&G has grown through acquisitions, most notably the October 2005 purchase of Gillette for $57 billion.
Shares of P&G, a component of the Dow Jones industrial average <.DJI> were up 15 cents to $63.55 after rising as high as $63.78 on the New York Stock Exchange.
Chappell said that while the company outlined how things are moving forward, such as plans for two new Gillette razors - a new version of Fusion for men and Venus Breeze for women - there were "no surprises, no real new information."
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