Gillette posts loss; still beats estimates

BOSTON — Gillette Co., posted an $85 million fourth quarter loss, which it attributes to a $430 million restructuring charge, which eliminates 2,700 jobs and closes some factories. The $85 million loss compares with earnings of $339 million for the same period a year ago. The company said that earnings before the on-time charge rose 3 percent to $345 million, slightly better than the 32 cents expected by analysts surveyed by First Call/Thompson Financial. The company said sales rose to $2.82 billion for the quarter, compared to $280 million for the same period a year ago. For the year, the company earned #392 million, compared to $1.3 billion in 1999. Sales rose to $9.3 billion from $9.15 billion in 1999. Gillette makes a variety of products, but is mostly known for its razors and toiletry products.