Clorox stated on Wednesday that its financial performance was severely impacted during the quarter ending September 30th due to a cyberattack that significantly disrupted its operations.
The renowned bleach and cleaning products manufacturer projects a decline of 23% to 28% in net sales. Additionally, the company expects its gross margin for the quarter to decrease from the same period last year. A per-share loss of 35 cents to 75 cents is anticipated, with an adjusted basis loss of up to 40 cents per share.
Clorox continues to experience production challenges caused by the cyberattack, but it anticipates the situation to improve as it replenishes retailer inventories during the current quarter, as stated in the press release.
The long-term impact of the hack on Clorox’s fiscal year and beyond is still being assessed.
In a September securities filing, the company revealed that the cyberattack had extensive consequences. Although operational systems have been restored, Clorox had to rely on manual procedures, resulting in slower product fulfillment. However, the company assured that the threat has been contained.
Bloomberg reported on Wednesday that Scattered Spider, a hacker group responsible for recent cyberattacks on casino companies MGM and Caesars, is suspected of being involved in the August attack on Clorox. MGM also cautioned in September that the attack could have a substantial impact on its finances.
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