Tide detergent, a Procter & Gamble (P&G) product, is displayed on a shelf at a store in Tempe, Arizona Reuters

US consumer goods giant Procter & Gamble Co has said it is selling or shedding up to 100 underperforming brands in a major streamlining move over the next two years.

The company added that it will focus on its core 70 to 80 brands that generate annual sales of more than $100m (£59m, €74.6m) and in some cases more than $1bn.

The core brands, which represent about 90% of the company's sales and more than 95% of profit in recent years, include Tide detergent, Crest toothpaste and Pampers diapers.

The brands that P&G intends to either shed or divest have reported weaker profits of late.

"Less will be much more," CEO A G Lafley said.

"We are going to create a faster growing, more profitable company that's far simpler to operate."

Lafley noted that the move to own fewer brands would enable the company's research and development team to focus their resources on new product ideas that would resonate more with consumers.

The company, which also makes Gillette razors, did not name the brands it plans to sell, keep or discontinue.

Lafley rejoined the company a year ago as president and CEO after serving in those roles from 2000 to 2009. For the fiscal year ended in June, the company reported a marginal increase in sales and profit.

On 1 August, the company reported a 38% increase in fiscal fourth-quarter profit, despite weak sales, due to reduced overhead expenses.