Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Clorox NZ, like parent, finds little earnings growth

Clorox NZ, like NYSE-listed parent, finds little earnings growth in household staples

By Suze Metherell

Feb. 10 (BusinessDesk) – Clorox New Zealand, the local arm of the NYSE-listed bleach and Glad wrap maker, has extended a run of flat earnings, echoing the results of a parent company looking to emerging markets to drive growth in sales of household staples.

Profit was $8.8 million in the 12 months ended June 30, 2013, little changed from a year earlier, according to the Auckland-based company’s annual report, and has declined about 11 percent from 2008. Sales edged up 0.5 percent to $42.7 million in the latest year, to be 15 percent down on 2008 revenue.

The California-based maker of household staples including cling wrap, Chux cloths and its eponymous bleach, Clorox, last week lowered its full-year sales forecast after reporting quarterly earnings that missed analyst expectations. Sales were little changed at US$1.33 billion in the three months ended Dec. 31.

"Like many companies, we continue to face significant headwinds from foreign currency declines, sluggish category growth and increasing commodity costs," said chief executive of the parent company Don Knaus said in a statement last week.

Clorox plans to “invest disproportionately behind its fastest-growing markets, including Chile, Colombia and Peru,” according to a statement on its website. A spokesman for the New Zealand unit couldn’t immediately be reached for comment.

The company also owns Burt’s Bees’ cosmetics, Brita water filters and Hidden Valley salad dressings. It sells its products in more than 100 countries, and manufactures products in more than two dozen countries.

Clorox entered the local market when it acquired NationalPak New Zealand in 2000, as part of their 1998 takeover of the Glad cling wrap company First Brands.

Clorox is listed on the Standard & Poor’s 500 Index. Its shares have risen about 6 percent in the past 12 months, about a third of the rise in the benchmark index over the same time period. It recently traded at US$85.63.

The stock is rated as ‘hold’, based on the consensus of 19 analysts surveyed by Reuters and has a median price target of US$87.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news