Gillette Restates Sales for 2000, ’01
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Gillette Co., the world’s largest maker of razors, restated results for 2000 and last year to change how the company accounts for coupons and other promotions.
The restatement resulted in a decrease in 2001 sales to $8.08billion from $8.96billion, and a drop in 2000 sales to $8.31billion from $9.23billion, Gillette said.
Net income for both years isn’t affected by the reclassification, the company said.
Shares of Boston-based Gillette fell as low as $33.12 in after-hours trading. The shares had closed down 44 cents to $33.26 on the NYSE before the news was released.
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