OAKLAND, Calif., Oct. 6, 2023 /PRNewswire/ -- The Clorox Company
(NYSE: CLX) today released its fiscal year 2023 integrated annual
report, showcasing performance and progress against its IGNITE
strategy in driving transformation, growth and long-term
shareholder value, all aligned with its purpose and values.
The Clorox Company today released its
fiscal year 2023 integrated annual report, showcasing performance
and progress.
Highlighting the company's 110th year of business and
operational performance, the report details how the company
generated record-high revenue and maintained total company market
share through IGNITE and its integrated environmental, social and
governance, or ESG, goals. Highlights include:
- Fuel Growth: Delivering cost savings above the IGNITE
goal of 175 basis point EBIT margin accretion, helping to rebuild
margin back to pre-pandemic levels, and integrating strategic
choices, such as reducing plastic and other waste, to drive cost
savings and sustainability goals.
- Innovate Experiences: Launching innovations, many of
which have environmental sustainability attributes, across all
major brands and hitting all-time high return on marketing
investments.
- Reimagine Work: Investing in the company's digital
transformation and new operating model to create a more inclusive,
consumer-obsessed, faster and leaner company.
- Evolve the Portfolio: Maintaining a portfolio with 60%
of its brands deemed superior value, a testament to strong, trusted
brands and the commitment to meet the diverse needs of today's
consumers.
- Sustainability: Achieving 88% of the 2025 circular
economy goal for 100% recyclable, reusable or compostable packaging
and maintaining 100% electricity from renewable energy for U.S. and
Canada operations, which helped
accomplish its 2030 scopes 1 and 2 science-based target. Advancing
product stewardship and employee wellbeing efforts to support
healthier lives.
"Our integrated annual report reflects our journey toward a
stronger, more resilient future where we champion people to be well
and thrive every single day," said Clorox CEO Linda Rendle. "We are proud of the progress
we've made through our IGNITE strategy and are optimistic about the
opportunities ahead. This report is a testament to our teammates
around the globe who delivered our strong fiscal year 2023
performance and our continued commitment to our stakeholders and
our planet."
The full version of the integrated annual report, available as
an interactive PDF online
at thecloroxcompany.com/annualreport, includes a graphic
documenting the company's value creation process, financial
statements, an ESG materiality overview, and ESG reporting against
Sustainability Accounting Standards Board's standards, and the Task
Force on Climate-Related Financial Disclosures. It also documents
how the company's ESG priorities support the U.N. Sustainable
Development Goals. An executive summary of the report is published
online in English and Spanish as well.
About The Clorox Company
The Clorox Company (NYSE: CLX) champions people to be well and
thrive every single day. Its trusted brands, which include
Brita®, Burt's Bees®, Clorox®,
Fresh Step®, Glad®, Hidden
Valley®, Kingsford®,
Liquid-Plumr®, Pine-Sol® and Natural
Vitality®, can be found in about nine of 10 U.S. homes
and internationally with brands such as Ayudin®,
Clorinda®, Chux® and Poett®.
Headquartered in Oakland,
California, since 1913, Clorox was one of the first U.S.
companies to integrate ESG into its business reporting.
Visit thecloroxcompany.com to learn more.
CLX-C
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including, among others, statements regarding the expected
or potential impact of the company's operational disruption
stemming from a cybersecurity attack, and any such forward-looking
statements involve risks, assumptions and uncertainties. Except for
historical information, statements about future volumes, sales,
organic sales growth, foreign currencies, costs, cost savings,
margins, earnings, earnings per share, diluted earnings per share,
foreign currency exchange rates, tax rates, cash flows, plans,
objectives, expectations, growth or profitability are
forward-looking statements based on management's estimates,
beliefs, assumptions and projections. Words such as "could," "may,"
"expects," "anticipates," "targets," "goals," "projects,"
"intends," "plans," "believes," "seeks," "estimates," "will,"
"predicts," and variations on such words, and similar expressions
that reflect our current views with respect to future events and
operational, economic and financial performance are intended to
identify such forward-looking statements. These forward-looking
statements are only predictions, subject to risks and
uncertainties, and actual results could differ materially from
those discussed. Important factors that could affect performance
and cause results to differ materially from management's
expectations, are described in the sections entitled "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in the company's Annual Report on Form
10-K for the fiscal year ended June 30,
2023, as updated from time to time in the company's
Securities and Exchange Commission filings. These factors include,
but are not limited to: unfavorable general economic and
geopolitical conditions beyond our control, including supply chain
disruptions, labor shortages, wage pressures, rising inflation,
fuel and energy costs, foreign currency exchange rate fluctuations,
weather events or natural disasters, disease outbreaks or
pandemics, such as COVID-19, terrorism, and unstable geopolitical
conditions, including the conflict in Ukraine, as well as macroeconomic and
geopolitical volatility and uncertainty as a result of a number of
these and other factors, including rising tensions between
China and Taiwan and actual and potential shifts between
the U.S. and its trading partners, especially China; volatility and increases in the costs
of raw materials, energy, transportation, labor and other necessary
supplies or services; the impact of the changing retail
environment, including the growth of alternative retail channels
and business models, and changing consumer preferences; the ability
of the company to drive sales growth, increase prices and market
share, grow its product categories and manage favorable product and
geographic mix; risks related to supply chain issues, product
shortages and disruptions to the business, as a result of increased
supply chain dependencies due to an expanded supplier network and a
reliance on certain single-source suppliers; intense competition in
the company's markets; risks related to the company's use of and
reliance on information technology systems, including potential and
actual security breaches, cyber-attacks, privacy breaches or data
breaches that result in the unauthorized disclosure of consumer,
customer, employee or company information, business, service or
operational disruptions, or that impact the company's financial
results or financial reporting, or any resulting unfavorable
outcomes, increased costs or legal proceedings; the ability of the
company to implement and generate cost savings and efficiencies,
and successfully implement its transformational initiatives or
strategies, including achieving anticipated benefits and cost
savings from the implementation of the streamlined operating model
and digital capabilities and productivity enhancements; dependence
on key customers and risks related to customer consolidation and
ordering patterns; the company's ability to attract and retain key
personnel, which may continue to be impacted by challenges in the
labor market, such as wage inflation and sustained labor shortages;
the company's ability to maintain its business reputation and the
reputation of its brands and products; lower revenue, increased
costs or reputational harm resulting from government actions and
compliance with regulations, or any material costs imposed by
changes in regulation; changes to our processes and procedures as a
result of our digital capabilities and productivity enhancements
investment that may result in changes to the company's internal
controls over financial reporting; the ability of the company to
successfully manage global political, legal, tax and regulatory
risks, including changes in regulatory or administrative activity;
risks related to international operations and international trade,
including changing macroeconomic conditions as a result of
inflation, volatile commodity prices and increases in raw and
packaging materials prices, labor, energy and logistics; global
economic or political instability; foreign currency fluctuations,
such as devaluations, and foreign currency exchange rate controls;
changes in governmental policies, including trade, travel or
immigration restrictions, new or additional tariffs, and price or
other controls; labor claims and civil unrest; continued high
levels of inflation in Argentina;
potential operational or supply chain disruptions from wars and
military conflicts, including the conflict in Ukraine; impact of the United Kingdom's exit from the European Union;
potential negative impact and liabilities from the use, storage and
transportation of chlorine in certain international markets where
chlorine is used in the production of bleach; widespread health
emergencies, such as COVID-19; and the possibility of
nationalization, expropriation of assets or other government
action; the impact of Environmental, Social, and Governance (ESG)
issues, including those related to climate change and
sustainability on our sales, operating costs or reputation; the
ability of the company to innovate and to develop and introduce
commercially successful products, or expand into adjacent
categories and countries; the impact of product liability claims,
labor claims and other legal, governmental or tax proceedings,
including in foreign jurisdictions and in connection with any
product recalls; the COVID-19 pandemic and related impacts,
including on the availability of, and efficiency of the supply,
manufacturing and distribution systems for, the company's products,
including any significant disruption to such systems; on the demand
for and sales of the company's products; and on worldwide, regional
and local adverse economic conditions; risks relating to
acquisitions, new ventures and divestitures, and associated costs,
including for asset impairment charges related to, among others,
intangible assets, including trademarks and goodwill, in particular
the impairment charges related to the carrying value of the
company's Vitamins, Minerals and Supplements business; and the
ability to complete announced transactions and, if completed,
integration costs and potential contingent liabilities related to
those transactions; the accuracy of the company's estimates and
assumptions on which its financial projections, including any sales
or earnings guidance or outlook it may provide from time to time,
are based; risks related to increases in the estimated fair value
of The Procter & Gamble Company's interest in the
Glad business; environmental matters, including costs associated
with the remediation and monitoring of past contamination, and
possible increases in costs resulting from actions by relevant
regulators, and the handling and/or transportation of hazardous
substances; the company's ability to effectively utilize,
assert and defend its intellectual property rights, and any
infringement or claimed infringement by the company of third-party
intellectual property rights; the performance of strategic
alliances and other business relationships; the effect of the
company's indebtedness and credit rating on its business operations
and financial results and the company's ability to access capital
markets and other funding sources, as well as the cost of capital
to the company; the company's ability to pay and declare dividends
or repurchase its stock in the future; the impacts of potential
stockholder activism; and risks related to any litigation
associated with the exclusive forum provision in the company's
bylaws.
The company's forward-looking statements in this press release
are based on management's current views, beliefs, assumptions and
expectations regarding future events and speak only as of the date
of this press release. The company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by the federal securities laws.
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SOURCE The Clorox Company