OAKLAND, Calif., Oct. 6, 2022 /PRNewswire/ -- The Clorox Company (NYSE: CLX) released its latest integrated annual report with highlights of the progress made against its business and environmental, social and governance, or ESG, goals.
Some of the achievements for fiscal year 2022 included the following:
- Achieved three-year average net sales growth of 5% (versus 3%-5% long-term goal).1
- Began five-year, $500 million investment in digital capabilities and productivity enhancements, with a first-year focus on personalized, data-driven consumer messaging; streamlined digital commerce; and strategic management of trade promotions.
- Launched innovation in 28 different categories, including Clorox Disinfecting Mist, which is transforming the current disinfecting aerosol category with a nonaerosol format that kills germs on hard surfaces, sanitizes fabrics and eliminates odors, and Fresh Step Outstretch Concentrated Clumping Litter, which absorbs 50% more liquid and lasts 50% longer than Fresh Step Multi-Cat Litter to help keep the litter box clean and fresh.
- Healthy Lives: Maintained recordable incident rate for worker safety below 1.0, or fewer than one incident per 100 people annually.
- Clean World: Advanced climate stewardship by achieving scopes 1 and 2 science-based target — delivering a 62% absolute reduction in GHG emissions from company plants and other facilities versus a 2020 baseline — and by achieving 100% electricity from renewable energy in the U.S. and Canada.
- Thriving Communities: Achieved annual pay equity goal across gender globally and races/ethnicities in the U.S.
- Strong Governance: Continued commitment to board refreshment, with the addition of two directors to further enhance the strength and diversity of the Clorox board, which comprises 46% women and 31% people of color as of June 30, 2022.
Additionally, the company made significant progress against goals advancing product stewardship and employee financial literacy and reducing plastic and other waste. New goals also were set for sales of products with targeted certifications and product transparency affiliations as well as for preventive health screenings to enhance employee well-being.
"Despite ongoing volatility and challenges in fiscal year 2022, this report highlights the strides we've made in our relentless focus on living our purpose to champion people to be well and thrive every single day," said Clorox CEO Linda Rendle. "With the IGNITE strategy as our guide, we've made investments in our people, brands and capabilities while continuing to make progress toward achieving our ESG goals. Through the actions outlined in this year's report, we're building a stronger, more resilient company that will deliver long-term value to all our stakeholders."
The full version of the integrated annual report, available as an interactive PDF online at thecloroxcompany.com/annualreport, includes a graphic documenting the company's value creation process, financial statements, an ESG materiality overview, and ESG reporting against the Sustainability Accounting Standards Board's Household and Personal Products standard, the Task Force on Climate-Related Financial Disclosures, and the United Nations Global Compact's Ten Principles. It also documents how the company's ESG priorities support the U.N. Sustainable Development Goals. An executive summary of the report is published online in English and Spanish as well.
About The Clorox Company
The Clorox Company (NYSE: CLX) champions people to be well and thrive every single day. Its trusted brands, which include Brita®, Burt's Bees®, Clorox®, Fresh Step®, Glad®, Hidden Valley®, Kingsford®, Liquid-Plumr®, Pine-Sol® and Rainbow Light®, can be found in about nine of 10 U.S. homes and internationally with brands such as Ajudin®, Clorinda®, Chux® and Poett®. Headquartered in Oakland, California, since 1913, Clorox was one of the first U.S. companies to integrate ESG into its business reporting, with commitments in three areas: Healthy Lives, Clean World and Thriving Communities. Visit thecloroxcompany.com to learn more.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of governments, consumers, customers, suppliers, employees and the company, on our business, operations, employees, financial condition and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. Except for historical information, statements about future volumes, sales, organic sales growth, foreign currencies, costs, cost savings, margins, earnings, earnings per share, diluted earnings per share, foreign currency exchange rates, tax rates, cash flows, plans, objectives, expectations, growth or profitability are forward-looking statements based on management's estimates, beliefs, assumptions and projections. Words such as "could," "may," "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "will," "predicts," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management's expectations are described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2022, as updated from time to time in the company's Securities and Exchange Commission filings. These factors include, but are not limited to: the impact of the changing retail environment, including the growth of alternative retail channels and business models, and changing consumer preferences; volatility and increases in the costs of raw materials, energy, transportation, labor and other necessary supplies or services; the ability of the company to drive sales growth, increase prices and market share, grow its product categories and manage favorable product and geographic mix; risks related to supply chain issues, product shortages and disruptions to the business, as a result of increased supply chain dependencies due to an expanded supplier network and a reliance on certain single-source suppliers; the ongoing COVID-19 pandemic and related impacts, including on the availability of, and efficiency of the supply, manufacturing and distribution systems for, the company's products, including any significant disruption to such systems; on the demand for and sales of the company's products; and on worldwide, regional and local adverse economic conditions; intense competition in the company's markets; unfavorable general economic and political conditions beyond our control, including recent supply chain disruptions, labor shortages, wage pressures, rising inflation, fuel and energy costs, foreign currency exchange rate fluctuations, weather events or natural disasters, disease outbreaks or pandemics, such as COVID-19, terrorism, and unstable geopolitical conditions, including the conflict in Ukraine; risks related to the company's use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, customer, employee or company information, or service interruptions, especially at a time when a large number of the company's employees are working remotely and accessing its technology infrastructure remotely; the ability of the company to implement and generate cost savings and efficiencies, and successfully implement its business strategies, including achieving anticipated results and cost savings from the implementation of the streamlined operating model; dependence on key customers and risks related to customer consolidation and ordering patterns; the company's ability to attract and retain key personnel, which may continue to be impacted by challenges in the labor market, such as wage inflation and sustained labor shortages; the company's ability to maintain its business reputation and the reputation of its brands and products; lower revenue, increased costs or reputational harm resulting from government actions and compliance with regulations, or any material costs imposed by changes in regulation; the ability of the company to successfully manage global political, legal, tax and regulatory risks, including changes in regulatory or administrative activity; risks related to international operations and international trade, including changing macroeconomic conditions as a result of inflation, volatile commodity prices and increases in raw and packaging materials prices, labor, energy and logistics; global economic or political instability; foreign currency fluctuations, such as devaluations, and foreign currency exchange rate controls; changes in governmental policies, including trade, travel or immigration restrictions, new or additional tariffs, and price or other controls; labor claims and civil unrest; continued high levels of inflation in Argentina; potential disruption from wars and military conflicts, including the conflict in Ukraine; impact of the United Kingdom's exit from the European Union; potential negative impact and liabilities from the use, storage and transportation of chlorine in certain international markets where chlorine is used in the production of bleach; widespread health emergencies, such as COVID-19; and the possibility of nationalization, expropriation of assets or other government action; the impact of Environmental, Social, and Governance (ESG) issues, including those related to climate change and sustainability on our sales, operating costs or reputation; the ability of the company to innovate and to develop and introduce commercially successful products, or expand into adjacent categories and countries; the impact of product liability claims, labor claims and other legal, governmental or tax proceedings, including in foreign jurisdictions and in connection with any product recalls; risks relating to acquisitions, new ventures and divestitures, and associated costs; and the ability to complete announced transactions and, if completed, integration costs and potential contingent liabilities related to those transactions; the accuracy of the company's estimates and assumptions on which its financial projections, including any sales or earnings guidance or outlook it may provide from time to time, are based; risks related to additional increases in the estimated fair value of The Procter & Gamble Company's interest in the Glad business; environmental matters, including costs associated with the remediation and monitoring of past contamination, and possible increases in costs resulting from actions by relevant regulators, and the handling and/or transportation of hazardous substances; the company's ability to effectively utilize, assert and defend its intellectual property rights, and any infringement or claimed infringement by the company of third-party intellectual property rights; the performance of strategic alliances and other business relationships; the effect of the company's indebtedness and credit rating on its business operations and financial results and the company's ability to access capital markets and other funding sources; the company's ability to pay and declare dividends or repurchase its stock in the future; the impacts of potential stockholder activism; and risks related to any litigation associated with the exclusive forum provision in the company's bylaws.
The company's forward-looking statements in this press release are based on management's current views, beliefs, assumptions and expectations regarding future events and speak only as of the date of this press release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.
1 Three-year CAGR represents average sales growth for fiscal years 2020-22.
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SOURCE The Clorox Company