on Wednesday warned that its sales and profit took a big hit during the quarter ending Sept. 30, largely due to the after effects of a cyberattack that significantly affected operations.
The bleach and cleaning products maker said it expects net sales to decrease 23% to 28%. Clorox also estimates its gross margin for the quarter will be down from the year-ago period. It expects to post a per share loss of 35 cents to 75 cents. On an adjusted basis, it projects a loss of up to 40 cents a share.
Clorox also said the cyberattack, which it disclosed in August, , although the effect is lessening. "The Company also expects to begin to benefit from the restocking of retailer inventories as it ramps up fulfillment" during the current quarter, .
Clorox said it is still assessing what effect the hack could have on the current fiscal year and beyond.
The effects of the attack were widescale, the company disclosed in a September . While operational systems were repaired, Clorox resorted to going manual on many of its procedures, slowing down product fulfillment. Nonetheless, the company has said the threat is contained.
Scattered Spider, a group of hackers tied to recent cyberattacks on casino companies and , is suspected of being tied to the August attack on Clorox, reported Wednesday. MGM also that the attack could have a material effect on company finances.
