Kleenex maker warns on costs

KLEENEX tissue-maker Kimberly-Clark saw its profits slide 8.9 per cent in the first quarter as higer raw material prices eroded its margins.

The firm saw its profits fall to $350m (£212.5m) from $384m, missing analyst forecasts. Its revenues climbed four per cent to $5.03bn, beating forecasts of $4.98bn.

Chief executive Thomas Falk said: “We continue to execute our global business plan strategies in a difficult environment. The rapid run-up in commodity costs has influenced our near-term profitability.”