US Markets
Thursday, October 5th, 2023 5:05 pm EDT
Key Points
- Clorox’s stock fell more than 8% after the company revealed that a cyberattack in August had a significant negative impact on its sales and profits in the prior quarter. The attack, while contained, continued to affect the company as it gradually resumed normal operations.
- Raymond James downgraded Clorox’s stock to market perform, expressing doubts about a quick recovery given consumer trends toward more price-conscious choices and rising commodity costs. Clorox anticipates reporting a sales decline of 23% to 28% for the quarter ending September 30, along with lower gross margins and an estimated per-share loss ranging from 35 cents to 75 cents, or up to 40 cents on an adjusted basis.
Clorox’s stock saw an over 8% decline after the company reported that a cyberattack in August significantly impacted its sales and profits for the previous quarter. While the company stated that it had contained the hack and was gradually returning to normal operations, it continued to deal with the consequences. Raymond James downgraded the stock to market perform, expressing concerns about a quick recovery given consumer trends toward more price-conscious choices and rising commodity costs. Clorox expects a sales decline of 23% to 28% for the quarter ending September 30, along with a lower gross margin and a per-share loss of 35 cents to 75 cents, or up to 40 cents on an adjusted basis.
For full original article on CNBC, please click here: https://www.cnbc.com/2023/10/05/clorox-shares-slide-cyberattack-hit-sales.html
