Inflation and a sour economy eroded profit at Oakland-based Clorox, which has responded by raising store prices, the consumer products maker said Tuesday.
Clorox earned $151 million on sales of $1.3 billion for the third quarter of fiscal 2011. Compared to the year-ago January-March period, earnings fell 8.5 percent as sales rose 1.3 percent.
"We face a challenging economic environment, as evidenced by weak category performance in the U.S. and increasing commodity costs," said Don Knauss, Clorox's chief executive officer.
Source: insidebayarea.com
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