Breaking News

IT Restructuring Costs

December 5, 2006

Clorox posted a 2.8 % rise in quarterly profit, but company executives warned that annual profit could come in at the lower end of their forecast due to costs associated with an information technology restructuring program. Clorox earned $112 million in the fiscal first quarter ended September 30.
The company, which already increased prices on bleach, Tilex cleaners, Glad trash bags and other products this year to help offset higher commodity costs, said it would also raise prices on Kingsford charcoal in January.
The company, whose other products include Hidden Valley Ranch salad dressing and Brita water filters, said sales rose 5% to $1.16 billion, driven by the price increases.
Volume, which excludes price fluctuations, fell 1%. Clorox said that shipments of Glad trash bags fell due to competitive activity after Clorox raised U.S. prices on the bags by 15%, on average, in February.
The price hike on Glad trash bags was one of the largest percentage increases that Clorox has instituted since the onset of increased pressure for materials such as resins.
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