Kimberly-Clark Keeps a Stringent Eye on Unearthing Efficiencies to Buoy Brand Spending

Like peers, narrow-moat Kimberly-Clark has been inundated by many challenges, including a tepid economic environment and elevated cost pressures. In this context, management has been forthright that its market share has lagged and consumers have been trading down to lower-priced options in select categories to preserve cash. We think this could prompt a step-up in promotions across its categories—now that industrywide supply/demand imbalances have largely been put to rest.