Clorox on Wednesday warned that its sales and profit took a big hit in the course of the quarter ending Sept. 30, largely attributable to the after effects of a cyberattack that significantly affected operations.
The bleach and cleansing products maker said it expects net sales to diminish 23% to twenty-eight%. Clorox also estimates its gross margin for the quarter can be down from the year-ago period. It expects to post a per share lack of 35 cents to 75 cents. On an adjusted basis, it projects a lack of as much as 40 cents a share.
Clorox also said the cyberattack, which it disclosed in August, continues to harm production, although the effect is lessening. “The Company also expects to start to profit from the restocking of retailer inventories because it ramps up achievement” in the course of the current quarter, it said in a release.
Clorox said it continues to be assessing what effect the hack could have on the present fiscal 12 months and beyond.
The consequences of the attack were widescale, the corporate disclosed in a September securities filing. While operational systems were repaired, Clorox resorted to going manual on lots of its procedures, slowing down product achievement. Nonetheless, the corporate has said the threat is contained.
Scattered Spider, a group of hackers tied to recent cyberattacks on casino corporations MGM and Caesars, is suspected of being tied to the August attack on Clorox, Bloomberg reported Wednesday. MGM also warned in September that the attack could have a material effect on company funds.