IRVING, TX — Kimberly-Clark Corporation posted a 3.4 percent drop in profit for the second-quarter of the fiscal year, according to The Wall Street Journal.
Net income for the quarter was $403 million, down slightly from $417 million in the year-ago quarter, the story stated.
According to the story, quarterly sales fell nearly 6 percent to $4.73 billion.
The decline in profits is being blamed on cheaper store brands in Europe, retailer cutbacks, increased promotional activity and currency fluctuations, the story noted.
Kimberly-Clark is expecting a yearly profit decline of 4 percent to 6 percent, less than the 6 percent to 8 percent decline previously projected by FactSet Research Systems Inc., the story added.
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