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Company is selling its Better Health vitamins and supplements business.
The Clorox Company reported results for the fourth quarter and fiscal year 2024, which ended June 30, 2024.
Alongside these results, the company announced its entry into a definitive agreement to divest its Better Health Vitamins, Minerals and Supplements (VMS) business in its entirety to Piping Rock Health Products, LLC.
Net sales decreased 6% to $1.9 billion compared to an increase of 12% in the year-ago quarter. The decrease was driven largely by the impacts of its Argentina divestiture, unfavorable price mix and lower volume. Organic sales decreased 3%.
Gross margin increased 380 basis points to 46.5% from 42.7% in the year-ago quarter primarily due to lower manufacturing and logistics costs, the benefit of cost savings initiatives and favorable commodity costs, partially offset by the impact of higher trade promotion spending.
“We closed out the fiscal year with strong margin expansion and double-digit adjusted EPS growth despite substantial disruption and consumption loss from the cyberattack,” said CEO Linda Rendle. “While fully restoring supply and distribution, as well as recovering nearly all of our market share, we remained relentless in driving our IGNITE strategy forward.”
Net sales were essentially flat in Q4, driven by two points of higher volume offset by two points of unfavorable price mix. Cleaning sales increased, driven mainly by restored distribution and strong consumption supported by new innovations and increased merchandising.
Professional products sales decreased, driven mainly by lower shipments of Pine-Sol products as distributors transitioned to new Pine-Sol concentrated cleaner.
Net sales decreased 10%, driven by five points of lower volume and five points of unfavorable price mix. Bags and Wraps sales decreased, driven primarily by distribution recovery occurring late in the quarter, increased competitive activity and higher trade promotion spending.
Natural personal care sales decreased, driven primarily by increased competitive activity and distribution losses in the non-core portion of the portfolio.
Net sales decreased 11%, mainly driven by the impact of the Argentina divestiture. Excluding Argentina, organic sales increased 5%, supported by volume growth and favorable price mix. Segment adjusted EBIT increased 20%, primarily due to higher volume and cost savings, partially offset by the net impacts of the Argentina divestiture.
For FY 2024, net sales fell 4% (flat organic sales) primarily driven by six points of lower volume and three points of unfavorable foreign exchange rates, partially offset by five points of favorable price mix.
The company has entered into a definitive agreement to sell its Better Health VMS business in its entirety, including the Natural Vitality, NeoCell, Rainbow Light and RenewLife brands, relevant trademarks and licenses, and the company’s manufacturing and distribution facilities in Sunrise, FL, to Piping Rock Health Products, LLC, Bohemia, NY.
The transaction is expected to close in the first quarter of the company’s current fiscal year, ending June 30, 2025, and is subject to regulatory and other customary closing conditions and approvals. The financial terms of the agreement have not been disclosed.
“The Better Health VMS business will do well under the leadership of Piping Rock, as they have built a strong pure-play business in a category that is poised for growth,” said Rendle. “This transaction is a deliberate step in our Ignite strategy and reflects our commitment to evolve our portfolio to drive more consistent, profitable growth.”
The Better Health VMS business represents approximately 3% of the company’s fiscal year 2024 net sales. As a result of this transaction, the company expects to incur a one-time, after-tax charge of $114 million to $134 million in the first quarter of fiscal year 2025 (or approximately a $1 reduction to earnings per share) representing a loss on sale.
Net sales are expected to be flat to down 2% compared to the prior year. Organic sales are expected to be up 3% to up 5% excluding about two points of negative impact from the divestiture of the company’s business in Argentina and about three points of negative impact from the expected divestiture of the Better Health VMS business.
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