Kimberly-Clark Corp said on Wednesday sales of tissue and toilet paper rose 13% in the first quarter as consumers stocked up in preparation for the coronavirus pandemic, helping the company beat Wall Street estimates for profit and sales.
) said on Wednesday sales of tissue and toilet paper rose 13% in the first quarter as consumers stocked up in preparation for the coronavirus pandemic, helping the company beat Wall Street estimates for profit and sales.
The company, however, suspended its forecast for the year citing uncertainties caused by the health crisis that has killed at least 177,000 people globally, including over 45,000 in the United States. Volumes increased 14% in its consumer tissue segment with sales of $1.7 billion, the company said. Sales in the personal care business, that includes diapers and feminine hygiene products, rose 6% to $2.4 billion.
As demand rose, several supermarkets have limited purchases per customer and reduced hours as they struggle to stock up shelves.
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