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Clorox plans more price hikes as transportation, commodity costs rise
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Clorox has announced it will implement new price hikes for approximately 50% of its portfolio in November and 70% of its portfolio by the end of fiscal 2022 as it looks to mitigate inflationary headwinds.
"It is in relation to three things that we're really seeing," Clorox CEO Linda Rendle told analysts on the company's first quarter earnings call Monday. "Pressure on commodities is one, and certainly additional pressure on resin, Hurricane Ida pushed out the resin curve by a month or two and so we're seeing continued impact there. Transportation continues to be a negative driver for us and we're seeing that continue throughout the remainder of the fiscal year. And although there hasn't been a big material impact directly, we're looking at labor closely given what we're seeing on pressures there."
ARM & HAMMER, OXICLEAN PARENT PLANS PRICE HIKES
The additional price increases come after Rendle warned in April that Clorox was planning to raise prices for Glad products in July. Rendle noted during Monday's conference call that Clorox is currently evaluating whether to implement an additional price increase on Glad due to pressure on resin.