Clorox set to raise prices to offset costs

NEW YORK - Clorox Co. said it would raise prices on more than half of its portfolio - which includes Glad trash bags, its namesake bleach, and Brita water filters - over the next year to offset higher input costs.

Clorox also lowered its 2009 forecast for earnings, citing rising commodity costs.

The growing cost of resin for plastic products, as well as most other raw materials, has led the company to raise prices. Chief executive Don Knauss told investors Clorox would raise prices further this fiscal year. Glad trash bag prices, for example, will rise 10 percent in October.

The Oakland, Calif.-based maker of Kingsford charcoal, Hidden Valley salad dressing, and Burt's Bees said fiscal fourth-quarter earnings fell 3.7 percent, weighed down by restructuring costs.

Excluding restructuring and other one-time costs, the company said it had fourth-quarter earnings per share of $1.18.

Analysts polled by Thomson Financial expected net income of $1.10 per share and $1.48 billion in revenue, on average.

Clorox shares slipped 4 cents to close at $54.46 Friday.