11. Procter & Gamble
Fortune 500 rank: 26
2010 profit: $12.7 billion
P&G could only delay the inevitable so long. Amid high-unemployment, U.S. consumers opted for generic versions of Tide detergent and Iams dog food. P&G experienced the same phenomenon in 2009 but was able to raise prices enough to grow earnings. Not so last year. Profits slid by 5%, dropping the company from the 4th most profitable in the Fortune 500 to the 11th.
But the world's biggest consumer products company appears to be taking the long view: It boosted ad spending by $1 billion during the year to protect market share in the future.
NEXT: 12. Wells Fargo
Last updated May 10 2011: 8:38 AM ET
