Finance News

Clorox says sales and profit took a big hit from cyberattack

Clorox on Wednesday warned that its sales and profit took big hit during the quarter ended Sept. 30, largely due to the after affects of a cyberattack that significantly affected operations.

Shares of the company fell more than 3% in after-hours trading.

The bleach and cleaning products maker said it expects net sales to decrease 23% to 28%. Clorox also estimates its gross margin for the quarter will be down from the year-ago period. It expects to post a per-share loss of 35 cents to 75 cents. On an adjusted basis, it projects a loss of of up to 40 cents a share.

Clorox also said the cyberattack, which it disclosed in August, continues to hurt production, although the impact is lessening. “The Company also expects to begin to benefit from the restocking of retailer inventories as it ramps up fulfillment” during the current quarter, it said in a release.

The is a developing story, please check back for more updates.

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