Proctor & Gamble to Streamline Product Lines to Focus on Sales

Proctor & Gamble Co., theconsumer goods multinational company, announced Friday that it will cut more than 100 brands from its vast product line to focus more on sales and save on costs.

P&G reported its second quarter earnings for 2014 reporting a 38 percent spike in profits. However, the company has been missing Wall Street predictions for 13 straight quarters now.

"We met our objectives in a very difficult operating environment, delivered strong constant currency earnings growth, and built on our strong track record of cash returns to shareholders. Still, we have more work to do to deliver the profitable sales growth and strong cash productivity we are capable of delivering," Chairman, President, and Chief Executive Officer A.G. Lafley said in a statement.

In a conference call, Lafley said that P&G would be concentrating on the brands that made up about 90 percent of the sales of the company. It released a list of products that could be divested or sold off and also released the brands it plans on retaining.

Olay, Pampers, Pantene and Gillette are some of its best selling products. However, brands like Lindor, Mont Blanc, Trojan, essex and Flying eagle have been among the underperformers and these have been named under the "potential divestitures" list.

Take a look at the complete list here.

"In an ideal world, we would've done this at the depth of the financial crisis, in the recession. Having said that, I don't see any reason to wait. I don't see any virtue in waiting another minute," Lafley said during the conference call, according to The Associated Press.

The company has the experts' nod on the decision.

"The company seemed much more aware of their recent shortcomings and determined to fix them," J John Faucher, an analyst at J.P Morgan wrote in a note to clients, according to Reuters.

The markets have also reacted well to the news as shares of P&G went up by 4.3 percent.