Clorox Co

CLX: XNYS (USA)
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Clorox Earnings: Despite Heightened Inflationary Angst, Brand Spending Unwavering; Shares a Bargain

Noise from last year's ERP implementation (the inventory buildup and workdown at retail) persisted in Clorox's first quarter, which included 18% organic sales growth and a 130-basis-point pullback in gross margin to 40.4%. Absent the lap, organic sales would have been flat.

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