P&G reports better-than-expected rise in profit

Tide detergent pods, from Procter & Gamble, are seen at the Safeway store in Wheaton, Maryland February 13, 2015.

Procter & Gamble Co (PG.N), the maker of Tide detergent and Gillette shaving products, reported a better-than-expected rise in quarterly profit, boosted by cost-cutting and higher selling prices.

However, sales declined for the seventh quarter in a row as P&G shrinks its vast product portfolio to focus on faster-growing brands such as Pampers diapers and Gillette.