The sales of Clorox Co. surged 27% in the three months through September. This comes as consumers stocked up on cleaning products during the COVID-19 pandemic.
According to Fox Business, the company reported fiscal first-quarter sales of $1.92 billion. It surpassed the $1.75 billion that analysts surveyed by Refinitiv were expecting.
“We delivered another quarter of outstanding results to have a strong start to the fiscal year, with broad-based strength across our portfolio, driving double-digit sales growth in all reportable segments,” said CEO Linda Rendle in a statement.
News: Clorox sales spike as coronavirus spurs demand for cleaning products Clorox Co. raised its full-year outlook as sales surged 27% in the three months through September while consumers stocked up on cleaning products amid the COVID-19 pandemic.
Cloro… https://t.co/VZIHCm1a0X pic.twitter.com/Ow3E7milK8
— NsServices (@services_ns) November 2, 2020
“Clorox just reported its best quarter since the start of the Covid-19 pandemic,” Barclays analysts say. This says a lot, “given how strong demand has been for its products throughout,” the analysts wrote in a note, as reported by Financial Buzz.
Financial Buzz added that net profit was up 104% – amounting to $415 Million, or an adjusted $3.22 a share.