Clorox quarterly net up 7%; promotions blunt sales growth |
| MarketWatch - May 3, 2010 |
Clorox Co. reported Monday third-quarter profit rose 7% and noted that higher energy costs and product promotions will put pressure on growth in sales and gross margin.
Oakland, Calif.-based Clorox, which sells a range of consumer products from Glad trash bags and Pine Sol cleaners to Kingsford charcoal and Hidden Valley Ranch salad dressing, forecast that sales and gross-margin growth will be at the low end of its targets for the company's fiscal year ending in June.
At the same time, Clorox increased the low end of its projected profit range for fiscal 2010.
Clorox shares fell nearly 2% to $63.59 in morning trading.
"Most of our businesses are performing well, and we're continuing to invest in demand-building activities to build long-term brand equity while addressing short-term competitive price gaps," Chief Executive Don Knauss said in a statement.
Read Full Article from MarketWatch
- Posted: 2010-05-03 11:00:14
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