Consumer spending has remained resilient, giving companies permission to offset increased costs of production.
Kimberly-Clark, maker of consumer products including toilet tissue, has raised prices already this year.Companies are raising prices on items across the board this year to account for increases in the cost of doing business, and Dallas-based Kimberly-Clark is no outlier.
Overall net sales for the consumer goods behemoth were up 7%. Sales of Kimberly-Clark’s personal care products specifically grew 11% year over year in the three-month period ending March 31. The increased cost of materials for Kimberly-Clark’s products are anticipated to take a 40% bite out of the company’s operating profit growth in 2022. The war in Ukraine instigated by Russia rocked energy markets, and higher gasoline costs in the first quarter tacked major costs onto business operations.
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