Clorox Has Strong Quarter

The Clorox Company had net sales of $1,916 million for the first quarter of its fiscal 2021 year, an increase of 27 per cent over sales of $1,506 million in the first quarter of 2020. Sales were driven by double-digit growth in eight of 10 business units due to COVID-19 and people spending more time at home. Gross margin increased 400 basis points to 48 per cent from 44 per cent in the year-ago quarter. The increase in gross margin – the eighth consecutive quarter of year-over-year gross margin expansion – reflects the benefit of strong volume growth, cost savings initiatives, and favourable mix, partially offset by higher manufacturing and logistics costs. Net earnings were $417 million compared to $203 million last year.