The company said U.S. razor sales experienced a "slight decline" in the last three months of 2013 even as global sales rose 3 percent, the Los Angeles Times reported Friday.
It said the nick in "wet shaving incidence" was "driven by fashion."
Separately, investment bank Jefferies said sales of non-disposable razors were shaved 15 percent in the same period.
P&G did note an increase in "shaving below the neck," or what is popularly known as "manscaping."
For the quarter, Procter & Gamble posted revenue of $3.43 billion, down 15.5 percent from the same period a year ago. Sales were $22.28 billion, up 0.5 percent.