Sales fall at 3M’s stationery and office unit
Global supplier cites lower inventory levels.
Sales at 3M’s stationery and office business were down in the mid-single digits in the second quarter of 2023.
The division reported Q2 revenue of US$323 million, compared with US$342 million 12 months ago. The manufacturer didn’t comment on the decrease, but lower inventory levels at retailers versus last year are likely to be a factor.
In its personal safety segment, 3M continues to see sharp declines in sales of disposable masks. These fell by US$140 million, or 56 per cent, during the second quarter.
3M posted a pre-tax loss in the quarter of over US$9 billion. This was largely due to a charge of around US$10.4 billion it took in relation to last month’s settlement of its PFAS ‘forever chemicals’ litigation in the US.
Kimberley-Clark Professional pricing push
Higher selling prices helped Kimberly-Clark Professional (KCP) more than offset a drop in volumes in the second quarter of 2023.
KCP reported Q2 revenue of US$887 million, a currency adjusted improvement of 13 per cent compared with last year. This was driven by pricing, which had a positive impact of 14 per cent, while volumes fell by three per cent. North America was the best-performing region, with volumes up by three per cent year on year – the first increase in seven quarters.
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Date Published:
26 July 2023