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Energizer, which owns the Schick shaving brand, blamed promotions by competitor Procter & Gamble for declining performance in the shaving category, The Wall Street Journal reported.
Ward Klein, CEO of Energizer Holdings, Inc. said P&G's "hyper-levels of promotional spending" are hurting the shaving business.
In the first quarter, sales in the overall razor and blade category declined. For men's shaving systems, sales declined 3.6 percent in the last quarter. Energizer posted a 9 percent increase in the second fiscal quarter, as the company cut costs, but has lowered expectations for sales in the next quarter.
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