UPDATE 1-Clorox exec says no more price hikes, layoffs coming as it lifts annual profit [Reuters]
Walmart Inc. (WMT)
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Source: Reuters
The Pine-Sol manufacturer on Thursday raised its forecast for annual adjusted profit after reporting a surprise rise in sales, as higher prices helped it offset a slowdown in demand for its cleaning products and disinfectants. Jacobsen told Reuters that the household staples maker has no more price hikes planned for the rest of its fiscal year, which ends in June. It last took price hikes in December, he said. “We think we've taken enough for now,” Jacobsen said. Jacobsen added that Clorox is planning for more layoffs over the next few months as it cuts costs. He declined to share the number of employees who would be let go. The first phase was last September, and more are planned for its next fiscal year, Jacobsen said. Clorox products flew off the shelves at the height of the pandemic, when consumers rushed to keep their homes free of infection and stockpiled on its wipes and surface cleaners. Demand has faltered, however, with product volumes decreasing in three of Cloro
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