Clorox shares plunge on weaker-than-expected outlook
NY Post
Shares of Clorox plunged more than 11 percent after the cleaning products conglomerate revealed weaker-than-expected results, blaming falling demand and rising costs.
Clorox’s business has stalled this year compared to the height of COVID-19 when consumers couldn’t buy enough of its disinfectants and hand wipes. Now retailers can’t give the stuff away fast enough. Sales dropped 9 percent, to $1.8 billion, in the quarter ended June 30. Earnings tumbled 68 percent, to $97 million, or 78 cents a share, compared with $310 million, or $2.41 a share, a year ago, the company said.
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