Remote work has heavily hit office toilet paper sales.
As companies ask themselves whether big rent bills are justifiable and face the months-long drag of corporate employees working from home until at least next summer or permanently, office-focused businesses like Kimberly-Clark’s K-C Professional are increasingly hurting, Bloomberg reports, as sales of commercial tissue-paper rolls and toilet-seat covers for the workplace, which makes up about 15% of the company’s sales, plunged last quarter, the company reported. Kimberly-Clark shares fell 6.9% to $138.09 at the close in New York, the biggest decline since March 12. The decline erased most of the stock’s year-to-date gain.
Chief Financial Officer Maria Henry told analysts that the unit, which reported a 16% sales decline, is unlikely to see improvement as long as people continue to work from home. “The macro trends that are affecting the K-C Professional business are not likely to change from what they were in the third quarter,” she said.