Kimberly-Clark Corp, a manufacturer of personal care products and operator of non-woven fabric mills, has announced third quarter (Q3) financial results for fiscal 2020 ended on September 30. Net sales for the quarter rose 1 per cent to $4.68 billion (Q3 FY19: $4.64 billion). However, net income for Q3 FY20 came down to $483 million ($680 million).
“We delivered solid organic sales growth in the third quarter, with good underlying performance and increased demand because of Covid-19,” Mike Hsu, chairman and chief executive officer at Kimberly-Clark, said in a press release.
Gross profit for the quarter grew 2 per cent to $1.59 billion ($1.55 billion). Company’s operating profit however dropped to $666 million ($915 million).
Sales of personal care segment was up 1 per cent to $2.33 billion ($2.30 billion). Sales in North America increased 6 per cent, while in developing and emerging markets sales decreased 4 per cent.
During the third quarter sales of consumer tissues jumped 9 per cent to $1.62 billion ($1.48 billion) with 11 per cent increase in North America. Sales in developing and emerging markets decreased 4 per cent.
K-C professional segment sales were down to $705 million ($839 million). Sales in North America slipped 15 per cent whereas sales plunged 28 per cent in developing and emerging markets.
In its outlook for fiscal 2020, company expects sales to grow 2-3 per cent.
Fibre2Fashion News Desk (JL)