Yes, Procter & Gamble profit will improve when they discontinue some brands. Procter & Gamble has no doubt done extensive research to determine which products are profitable and which ones are not profitable. Although some consumers will miss certain products that are no longer available, the profitability of Procter & Gamble will increase when underperforming products are eliminated.
By shutting down 90 brands, Proctor & Gamble will be able to focus not only their attention, but money as well, solely on the companies remaining brands. This additional focus and money will most likely create better products, and possibly lessen production costs. As these remaining products increase in quality, the demand will also increase, creating an increase in profit.
Selling the 90 lowest producing brands in order to concentrate on 80 or so brands that product 90% of P&G's sales is a smart business move. Getting rid of these brands will reduce overhead and labor costs by upwards of 40% with only a 10% reduction in sales. Plus there is the income that will be generated by the sales of some the 90 brands being shut down.
Procter & Gamble seems to be making a really significant effort to fail at every corporative action they make. They are going down as a company and I would not be surprised if this massive shutting down is the beginning of the end of an era for this fine american corporation.