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HomeMarketClorox Reports Q1 Beat, Confirms 2023 Outlook By

Clorox Reports Q1 Beat, Confirms 2023 Outlook By

© Reuters. Clorox Reports Q1 Beat, Confirms 2023 Outlook
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By Davit Kirakosyan

Clorox (NYSE:) reported its , with EPS of $0.93 coming in better than the consensus estimate of $0.73.

Revenue decreased 4% year-over-year to $1.74 billion, beating the consensus estimate of $1.69 billion. The revenue decline was driven largely by lower volume, partially offset by a favorable price mix. Organic sales were down 2% year-over-year.

“We delivered better-than-expected results this quarter in a challenging operating environment, which reflects the strength of our brands and strong execution. Looking ahead, we expect to face ongoing macro headwinds and will adapt with agility,” said CEO Linda Rendle.

The company confirmed its fiscal year 2023 outlook, expecting year-over-year net sales growth in the range of (4%)- 2%. Gross margin is expected to increase about 200 basis points, primarily due to the combined benefit of pricing, cost savings and supply chain optimization, offset by continued cost inflation.

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