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P&G cites beard-growing trend for razor sales slump

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Procter & Gamble announced a quarterly $8 billion hit to its Gillette business.

Company officials cited a trend of men letting their beards grow out.

“Lower shaving frequency has reduced the size of the developed blades and razors market,” P&G Chief Financial Officer Jon Moeller said.

Company officials also cited increased competition from subscription services, such as Harry’s and Dollar Shave Club.

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