The Clorox Company

Good day, ladies and gentlemen, and welcome to the Clorox Company first quarter and fiscal year 2023 earnings release conference call. At this time, all participants are in a listen-only mode. At the conclusion of our prepared remarks, we will conduct a question and answer session. If you would like to ask a question, you may press star 1 on your touchtone pad at any time. If anyone should require assistance during the conference, please press the star 0 on your touchtone pad at any time. As a reminder, this call is being recorded. I would now like to introduce your host for today's call, Ms. Lisa Burhan, Vice President of Investor Relations for the Clarks Company. Ms. Burhan, you may begin your conference.

Thank you, Ross. Good afternoon, and thank you for joining us. On the call with me today are Linda Rendell, our CEO, and Kevin Jacobson, our CFO. I hope everyone has had a chance to review our earnings release and prepared remarks, both of which are available on our website. In just a moment, Linda will share a few opening comments, and then we'll take your questions. During this call, we may make forward-looking statements including about our 2023 fiscal year outlook. These statements are based on management's current expectations, but may differ from actual results or outcomes. In addition, we may refer to certain non-GAAP financial measures. Please refer to the forward-looking statement section, which identifies various factors that could affect such forward-looking statements which has been filed with the SEC. In addition, please refer to the non-GAAP financial information section of our earnings release and the supplemental financial schedule in the Investor Relations section of our website for reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures. Now I'll turn it over to Linda.

Hello, everyone, and thank you for joining us. While the challenging and volatile global operating environment we discussed last quarter persists, we delivered better than expected Q1 results. reflecting the strength of our brands, ongoing consumer loyalty, and solid execution. During the quarter, we maintained our unrelenting focus on rebuilding margin by taking additional inflation-driven pricing, delivering cost savings, optimizing our supply chain, and implementing our new operating model. At the same time, we continue to invest in our brands to deliver consumer-inspired innovation with superior value, as well as advance our digital transformation to drive top-line momentum and position the company for long-term success. Looking ahead, it's still early in the fiscal year, and we continue to contend with a number of macro headwinds, which we are proactively addressing and will remain agile as the environment evolves. Given these factors, we are reiterating our full-year outlook. Nevertheless, guided by our Ignite strategy, we remain committed to delivering on our 3% to 5% sales growth target over the long term. The fundamentals of our business are strong, We plan essential categories, and our business is well positioned to benefit from lasting consumer demand tailwinds. I'm confident we're on the right track to generate consistent and profitable growth over time and build a stronger, more resilient company. With that, Kevin and I will take your questions.