The Clorox Company (CLX) Q4 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 2, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and welcome to The Clorox Company Fourth Quarter Fiscal Year 2023 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. At the conclusion of our prepared remarks, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to introduce your host for today's call, Ms. Lisah Burhan, Vice President of Investor Relations, for The Clorox Company. Ms. Burhan, you may begin your conference.

Lisah Burhan

Thanks, Ross. Good afternoon, and thank you for joining us. On the call with me today are Linda Rendle, our CEO, and Kevin Jacobsen, our CFO. I hope everyone has had a chance to review our earnings release and prepared remarks, both of which are available on our website. In just a moment, Linda will share a few opening comments, and then we'll take your questions.

During this call, we may make forward-looking statements, including about our fiscal 2024 outlook. These statements are based on management's current expectations, but may differ from actual results or outcomes. In addition, we may refer to certain non-GAAP financial measures. Please refer to the forward-looking statements section, which identifies various factors that could affect such forward-looking statements, which has been filed with the SEC.

In addition, please refer to the non-GAAP financial information section of our earnings release and the supplemental financial schedules in the Investor Relations section of our website for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.

Now I'll turn it over to Linda.

Linda Rendle

Hello, everyone, and thank you for joining us. We closed out fiscal year 2023 with strong results, underscoring the significant progress we've made against our strategic priorities. Over the course of the year, we've been relentlessly focused on driving top-line growth and rebuilding margins in a challenging operating environment, while continuing to invest in the long-term health of our brands, categories and capabilities. Thanks to our team's strong execution across a comprehensive set of actions, we delivered on these commitments.

For fiscal year 2023, we generated net sales growth of 4%, within our long-term target, gross margin expansion of 360 basis points and adjusted EPS growth of 24%. Our performance reflects our commitment to driving operational excellence and margin improvements, supported by the strength and resilience of our portfolio and the relevance of our IGNITE strategy.