Clorox : CEO Linda Rendle on Q1 and expectations for FY23
November 01, 2022 at 04:37 pm EDT
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CEO Linda Rendle on Q1 and expectations for FY23
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November 1, 2022
Today we released our first-quarter fiscal 2023 earnings results, which were ahead of our expectations. What they showed was the ongoing strength of our brands, loyalty of our consumers and solid execution by our team despite a challenging operating environment.
Net sales in the quarter decreased 4%. Over the past three years, we've grown average net sales 5%, which is at the high end of our long-term goal and demonstrates the underlying strength of our portfolio. Adjusted earnings per share decreased 23% to 93 cents, reflecting significant cost headwinds.
During the quarter, we continued to advance a broad set of actions to rebuild margin while investing in innovation, our brands and capabilities to drive top-line momentum and position our company for long-term success. Here are some highlights of our recent progress:
Grew all-outlet share in our four largest businesses.
Delivered our best quarter of cost savings in three years.
Executed additional cost-justified pricing actions across the vast majority of our portfolio.
Launched Clorox EcoClean innovation platform, a new line of eco-conscious disinfectants and cleaners, supporting our environmental sustainability goals.
Opened our second cat litter manufacturing plant, enabling us to generate meaningful cost savings over time and meet higher demand in this business.
Implemented our new streamlined operating model to create a consumer-obsessed, faster and leaner company to support our objectives of driving productivity and growth.
Looking ahead, we expect the environment to remain challenging, with elevated cost pressures and other macro headwinds persisting. Despite this backdrop, we will stay nimble as the landscape evolves, guided by our IGNITE strategy, to successfully navigate through this period.
Of course, none of this would be possible without the support of my Clorox teammates around the globe. I'd like to extend my heartfelt appreciation to them for continuing to manage through incredible volatility with agility and perseverance.
I'm confident that as a team we're taking the right actions to achieve consistent and profitable growth over time; build a stronger, more resilient company; and create long-term value for our stakeholders.
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The Clorox Company published this content on 01 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2022 20:36:07 UTC.
The Clorox Company is a world leader in the production and sale of consumer products. Net sales by family of products break down as follows:
- home maintenance and laundry products (40.6%): dishwashing liquids, detergents, stain removers, bleaches, toilet bowl cleaners, etc. (Clorox®, Formula 409®, Liquid-Plumr®, Pine-Sol®, S.O.S®, Tilex®, Green Works®, CloroxProTM, Dispatch®, Clorox Healthcare®, Hidden Valley®, KC Masterpiece® brands, etc.). In addition, the group offers vitamins, minerals and supplement products under the RenewLife, Natural Vitality, NeoCell and Rainbow Light brands ;
- household products (27%): charcoal (Kingsford and Match Light brands), cat litters (Fresh Step®, Scoop Away® and Ever Clean® brands) and plastic bags (Glad brand®);
- other (16.6%): condiments and sauces (Hidden Valley, KC Masterpiece and Soy Vay brands), water filters (Brita brand) and natural personal care products (Burt's Bees and Güd brands).
The remaining sales (15.8%) are from abroad activities.
The United States accounts for 84.2% of net sales.