Toilet Paper Manufacturer Aiming To Raise Prices For Second Time This Year Due To High Inflation
Toilet Paper Manufacturer Aiming To Raise Prices For Second Time This Year Due To High Inflation
By Ben Zeisloft Oct 27, 2021
Originally posted on DailyWire.com
Consumer goods maker Kimberly-Clark plans to raise prices for the second time this year.
After the company released its third quarter earnings report — which referenced inflation concerns multiple times — shares fell by 2% during Monday trading. Kimberly-Clark owns brands like Kleenex, Cottonelle, Huggies diapers, and Scott toilet paper.
“Our earnings were negatively impacted by significant inflation and supply chain disruptions that increased our costs beyond what we anticipated,” explained Kimberly-Clark chief executive Mike Hsu. “We are taking further action, including additional pricing and enhanced cost management, to mitigate these headwinds as it is becoming clear they are not likely to be resolved quickly.”
The company decreased its earnings per share outlook and increased its projected organic sales decline due to “significantly higher input cost inflation.”
Though year-over-year revenue increased by 7%, net income dipped 1% from one year ago. Fox Business reports that Kimberly-Clark was forced to hike prices in June by mid-to-high single digits.
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