Current Report

Today’s webcast
Today at 10:30 a.m. Pacific time (1:30 p.m. Eastern time), Clorox will host a live audio webcast of a discussion with the investment community regarding the company’s first-quarter results. The webcast can be accessed at http://investors.thecloroxcompany.com . Following a live discussion, a replay of the webcast will be archived for one week on the company’s Web site.

The Clorox Company
The Clorox Company is a leading manufacturer and marketer of consumer products with fiscal year 2009 revenues of $5.5 billion. Clorox markets some of consumers' most trusted and recognized brand names, including its namesake bleach and cleaning products, Green Works ^® natural cleaners, Armor All ^® and STP ^® auto-care products, Fresh Step ^® and Scoop Away ^® cat litter, Kingsford ^® charcoal, Hidden Valley ^® and K C Masterpiece ^® dressings and sauces, Brita ^® water-filtration systems, Glad ^® bags, wraps and containers, and Burt’s Bees ^® natural personal care products. With approximately 8,300 employees worldwide, the company manufactures products in more than two dozen countries and markets them in more than 100 countries. Clorox is committed to making a positive difference in the communities where its employees work and live. Founded in 1980, The Clorox Company Foundation has awarded cash grants totaling more than $77 million to nonprofit organizations, schools and colleges. In fiscal 2009 alone, the foundation awarded $3.6 million in cash grants, and Clorox made product donations valued at $7.8 million. For more information about Clorox, visit www.TheCloroxCompany.com.

Forward-looking statements
This press release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), and such forward looking statements involve risks and uncertainties. Except for historical information, matters discussed above, including statements about future volume, sales, costs, cost savings, earnings, cash outflows, plans, objectives, expectations, growth, or profitability, are forward looking statements based on management’s estimates, assumptions and projections. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and variations on such words, and similar expressions, are intended to identify such forward looking statements. These forward looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed above. Important factors that could affect performance and cause results to differ materially from management’s expectations are described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s Annual Report on Form 10-K for the year ended June 30, 2009, as updated from time to time in the company’s SEC filings. These factors include, but are not limited to, the company’s costs, including volatility and increases in commodity costs such as resin, diesel, chlor-alkali, agricultural commodities and other raw materials; increases in energy costs; unfavorable general economic and marketplace conditions and events, including consumer confidence and consumer spending levels, the rate of economic growth, the rate of inflation, and the financial condition of our customers and suppliers; interest rate and foreign currency exchange rate fluctuations; unfavorable political conditions in international markets and risks relating to international operations; consumer and customer reaction to price increases; risks relating to acquisitions, mergers and divestitures; the ability of the company to implement and generate expected savings from its programs to reduce costs, including its supply chain restructuring and operating model changes; the success of the company’s previously announced Centennial Strategy; the need for any additional restructuring or asset-impairment charges; the company’s ability to achieve the projected strategic and financial benefits from the Burt’s Bees acquisition; customer-specific ordering patterns and trends; competitive actions; changes in the company’s tax rate; supply disruptions or any future supply constraints that may affect key commodities or product inputs; risks inherent in sole-supplier relationships; risks related to customer concentration; risks arising out of natural disasters; the impact of disease outbreaks, epidemics or pandemics; risks related to the handling and/or transportation of hazardous substances, including but not limited to chlorine; risks inherent in litigation; the company’s ability to maintain its business reputation and the reputation of its brands; the impact of the volatility of the debt markets on the company’s access to funds, including its access to commercial paper and its credit facility; risks inherent in maintaining an effective system of internal controls, including the potential impact of acquisitions or the use of third-party service providers; the ability to manage and realize the benefit of joint ventures and other cooperative relationships, including the company’s joint venture regarding the company’s Glad ^® plastic bags, wraps and containers business, and the agreements relating to the provision of information technology and related services by third parties; the conversion of any information systems; the success of new products; risks relating to changes in the company’s capital structure; and the ability of the company to successfully manage tax, regulatory, product liability (including class action litigation), intellectual property, environmental and other legal matters, including the risk resulting from joint and several liability for environmental contingencies. Declines in cash flow, whether resulting from tax payments, debt payments, share repurchases, interest cost increases greater than management’s expectations, or increases in debt or changes in credit ratings, or otherwise, could adversely affect the company’s earnings.

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The company’s forward looking statements in this report are based on management’s current views and assumptions regarding future events and speak only as of their dates. Investors are cautioned not to place undue reliance on any such forward looking statements. The company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.

Non-GAAP financial information
This press release contains non-GAAP financial information relating to EPS, sales growth and gross margin. Included on the last page of this release is a reconciliation of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with generally accepted accounting principles in the U.S. (GAAP).

The company has disclosed information related to diluted EPS, sales and gross margin on a non-GAAP basis to supplement its condensed consolidated statements of earnings presented in accordance with GAAP. These non-GAAP financial measures exclude certain items that are included in the company’s EPS, sales and gross margin reported in accordance with GAAP, including:

• Charges associated with simplification of the company’s supply chain, operating model implementation and other restructuring-related charges. 
• The impact of the company’s acquisition of Burt’s Bees, Inc., completed on Nov. 30, 2007. 
• The impact of foreign exchange and foreign currency transactions. 
• The impact of the company’s exit from its private label food bags business.

Management believes that these non-GAAP financial measures provide useful additional information to investors about current trends in the company’s operations and are useful for period over period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should only be read in connection with the company’s condensed consolidated statements of earnings presented in accordance with GAAP.

See the following pages for these unaudited first-quarter results:

• Condensed Consolidated Statements of Earnings 
• Reportable Segment Information 
• Condensed Consolidated Balance Sheets 
• First-quarter sales growth reconciliation 
• First-quarter gross margin reconciliation 
• First-quarter diluted EPS reconciliation

Media relations
Dan Staublin 510-271-1622, dan.staublin@clorox.com

Kathryn Caulfield 510-271-7209

Investor relations
Li-Mei Johnson 510-271-3396, li-mei.johnson@clorox.com

Steve Austenfeld 510-271-2270

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The Clorox Company

Condensed Consolidated Statements of Earnings (Unaudited)
Dollars in millions, except per share amounts

	Three Months Ended
	9/30/2009			9/30/2008
Net sales	$	1,372		$	1,384
Cost of products sold		753			822
Gross profit		619			562
Selling and administrative expenses		175			184
Advertising costs		127			119
Research and development costs		27			27
Restructuring costs		2			1
Interest expense		36			42
Other expense, net		8			3
Earnings before income taxes		244			186
Income taxes		87			58
Net earnings	$	157		$	128
Earnings per share*
Basic	$	1.12		$	0.91
Diluted	$	1.11		$	0.90
Weighted average shares outstanding (in thousands)
Basic		139,743			138,457
Diluted		140,861			139,860

*

As a result of the adoption of a new accounting standard regarding calculation of earnings per share, basic and diluted EPS for the first quarter of fiscal year 2009 was reduced by 1 cent, from 92 cents to 91 cents, and from 91 cents to 90 cents, respectively. Further details will be available in the first-quarter Form 10-Q filing.

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The Clorox Company

Reportable Segment Information
(Unaudited)
Dollars in millions

First Quarter & Year to Date
	Net Sales									Earnings/(Losses) Before Income Taxes
	Three Months Ended						%			Three Months Ended								%
	9/30/2009			9/30/2008			Change (1)			9/30/2009				9/30/2008				Change (1)
Cleaning	$	503		$	487		3	%		$	137			$	115			19	%
Household		381			426		-11	%			55				62			-11	%
Lifestyle		200			194		3	%			66				56			18	%
International		288			277		4	%			47				34			38	%
Corporate (2)		-			-		0	%			(61	)			(81	)		-25	%
Total Company	$	1,372		$	1,384		-1	%		$	244			$	186			31	%

(1)		Percentages based on rounded numbers.
(2)		Corporate includes $36 and $42, respectively, of interest expense for the three months ended September 30, 2009 and 2008.

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The Clorox Company

Condensed Consolidated Balance Sheets (Unaudited)
Dollars in millions

	9/30/2009				6/30/2009				9/30/2008
Assets
Current assets
Cash and equivalents	$	237			$	206			$	184
Receivables, net		458				486				455
Inventories, net		392				366				421
Other current assets		114				122				106
Total current assets		1,201				1,180				1,166
Property, plant and equipment, net		947				955				942
Goodwill		1,640				1,630				1,643
Trademarks, net		558				557				558
Other Intangible asset, net		101				105				118
Other assets		151				149				160
Total assets	$	4,598			$	4,576			$	4,587
Liabilities and Stockholders’ Deficit
Current liabilities
Notes and loans payable	$	457			$	421			$	727
Current maturities of long-term debt		575				577				1
Accounts payable		330				381				392
Accrued liabilities		405				472				367
Income taxes payable		99				86				75
Total current liabilities		1,866				1,937				1,562
Long-term debt		2,137				2,151				2,719
Other liabilities		617				640				595
Deferred income taxes		25				23				75
Total liabilities		4,645				4,751				4,951
Contingencies
Stockholders’ deficit
Common stock		159				159				159
Additional paid-in capital		564				579				527
Retained earnings		720				640				440
Treasury shares		(1,169	)			(1,206	)			(1,232	)
Accumulated other comprehensive net losses		(321	)			(347	)			(258	)
Stockholders’ deficit		(47	)			(175	)			(364	)
Total liabilities and stockholders’ deficit	$	4,598			$	4,576			$	4,587

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The Clorox Company

The tables below present the unaudited reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures and other supplemental information. See “Non-GAAP Financial Information” above for further information regarding the company’s use of non-GAAP financial measures.

First-Quarter Sales Growth Reconciliation

		Fiscal			Fiscal
		2010			2009
Base sales growth		1.1	%		8.3	%
Foreign exchange		-1.5			0.4
Exit from private label business		-0.5			-0.4
Sales growth before acquisitions		-0.9	%		8.3	%
Burt's Bees acquisition		--			3.4
Total sales growth		-0.9	%		11.7	%

The Burt’s Bees acquisition closed on Nov. 30, 2007.

First-Quarter Gross Margin Reconciliation

Q1 fiscal 2009 gross margin		40.6	%		Q1 fiscal 2008 gross margin		42.6	%
Commodities		2.4			Commodities		-4.6
Pricing		1.7			Pricing		2.3
Cost savings		1.7			Cost savings		2.0
Logistics & manufacturing		-0.4			Logistics & manufacturing		-2.5
Other		-1.0			Other		1.2
Q1 fiscal 2010 gross margin before					Q1 fiscal 2009 gross margin before
impact of charges		45.0	%		impact of charges		41.0	%
Restructuring-related charges		0.1			Restructuring-related charges		-0.4
Q1 fiscal 2010 gross margin		45.1	%		Q1 fiscal 2009 gross margin		40.6	%

First-Quarter Diluted EPS Reconciliation

		Fiscal			Fiscal
		2010			2009
Diluted EPS before charges		$	1.18		$	0.96
Foreign exchange transaction impact			-0.04			-0.02
Restructuring-related charges			-0.03			-0.03
Burt's Bees			--			-0.01
Diluted EPS – GAAP		$	1.11		$	0.90

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