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K-C sales flat for 2013

March 20, 2014

Kimberly-Clark has released its year-end 2013 results and 2014 outlook. For the full year, Kimberly-Clark sales were $21.2 billion, essentially even with the prior year. Operating profit, meanwhile incrased 19% to $2.6 billion in 2013 and adjusted operating profit was up 7%. In October 2012, Kimberly-Clark announced that it would exit the diaper category in Western and Central Europe, with the exception of the Italian market, divest or exit some lower-margin businesses in certain European markets, primarily in the consumer tissue segment, and streamline its European manufacturing footprint and administrative organization.  The impacted businesses generated annual net sales of approximately $0.5 billion and negligible operating profit.  Total related restructuring costs will be incurred through 2014 and are expected to be toward the high end of the previously communicated range of $350 to $400 million pre-tax ($300 to $350 million after tax). 

Fourth quarter sales were also even at $5.3 billion and adjusting operating profit was up 5%. Personal care sales decreased 1%. Sales in North America were even with the year-ago period.  Volumes were up 3%, while net selling prices fell 2%, including increased promotional activity in the baby and child care categories, and currency rates were unfavorable by 1%.  Adult care volumes increased high-single digits, including benefits from product innovations and market share gains. Huggies diaper volumes were up mid-single digits, with benefits from improved Huggies Snug & Dry diapers. Childcare and feminine care volumes were down low-single digits.
Sales in K-C International increased 5% despite a 6 point negative impact from changes in currency rates. Sales volumes were up 9% and the combined impact of higher net selling prices and improved product mix added 2 points of growth.  Volumes increased in China, Russia, Vietnam and throughout most of Latin America, including Brazil and Venezuela.
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