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Clorox lowers FY'20 EPS, sales forecast

The Clorox Co. on Oct. 2 lowered its EPS forecast for fiscal 2020 after unveiling its strategy to improve its environmental, social and governance practices.

The household products retailer expects diluted EPS to fall between $6.05 and $6.25 in fiscal 2020, down from its previous guidance of $6.30 to $6.50.

For fiscal 2020, sales could decline by low single digits or increase by 1%, Clorox said. Gross margin for the period is expected to be down slightly.

Clorox also increased its 2020 cost-savings target to 175 basis points, up from 150 basis points.

Clorox's so-called Ignite strategy aims to grow U.S. sales by 2% to 4% and international sales by 1% to 4%, pushing overall sales growth to between 2% and 4%. The maker of Glad storage bags and Burt's Bees products also plans to make its products and processes more sustainable and reduce waste across all operations.