****

****

****

*For release Nov.,6, 2003, at 5:30 a.m. Pacific time*

****

****

#### **CLOROX EARNS 60CENTS EPS IN FIRST QUARTER;**

**UPDATESSECOND-QUARTER OUTLOOK**

****

OAKLAND, Calif., Nov. 6, 2003– The Clorox Company (NYSE: CLX) (PSE: CLX) today reportedresults in line with its previously communicated expectations forthe first quarter of fiscal year 2004, which ended Sept. 30,2003.

“We knew the first quarterwould be the toughest comparison of the year, and we’repleased to have met our expectations, given our high level ofspending behind a record number of first-quarter product launchesand a significant increase in product costs,” said President and Chief Executive Officer JerryJohnston. “As expected, Clorox peopleeverywhere stayed the course to deliver volume growth, significantcost savings and strong working capitalresults.”

Clorox reported first-quarter netearnings of $129 million, or 60 cents per diluted share, comparedwith net earnings in the year-ago first quarter of $145 million, or65 cents per diluted share, for a decrease of 5 cents per dilutedshare, or 8 percent.

First-quarter volume grew 2 percentcompared to the year-ago quarter. Excluding divestitures, volumeincreased 3 percent, reflecting growth in every segment of thebusiness. Volume growth was driven by record shipments ofGlad® products, record first-quarter shipments ofcharcoal, food and cat litter products, and a double-digit increasein Latin America shipments.First-quarter sales were flat at $1.05 billion. Excludingdivestitures, sales increased 1 percent.The variance between volume and saleswas primarily the result of increased trade-promotion spending tosupport new product activity and a product assortment shift tolarger sizes due to merchandising activities at keyretailers.

 

First-quarter gross margin declined440 basis points, primarily due to start-up costs for new products,higher raw-material costs, a shift in timing of plant maintenanceactivities, increased contract-manufacturing costs for MatchLight® charcoal, product mix and an unfavorablecomparison to the year-ago quarter, in which gross margin benefitedfrom an adjustment of coupon redemption rates. These factors werepartially offset by strong cost savings behind the company’scontinued focus on its strategy to cut costs everywhere.

Consistent with itsstrategy to drive growth, Clorox significantly increasedtrade-promotion spending to support new products and increased itsinvestment in research and development (R&D) by 32 percentversus the prior year. At the same time, Clorox continued its highlevel of advertising support at more than 10 percent of netcustomer sales. The company's combined investments intrade-promotion spending, R&D and advertising increased by adouble-digit percent versus the year-ago quarter.

The company achievedits fifth consecutive quarter of negative working capital, whichaveraged -2 percent of sales compared with -1 percent in theyear-ago quarter, for an improvement of 100 basispoints.

First-quarter cashprovided by operations was $140 million compared with $204 millionin the year-ago quarter. The current period results reflect theyear-over-year earnings decline and a $37 million contribution tothe company's pension plan.

During the quarter,Clorox used its free cash flow to buy back 3.3 million shares ofthe company's common stock on the open market at a cost of $147million. Since July 1, 2002, Clorox has bought a total of 15million shares of its stock at a cost of $647 million under theboard-authorized stock-repurchase program and the company's ongoingprogram to offset potential stock option dilution.

Clorox’s earnings and segmentinformation are reported in accordance with generally acceptedaccounting principles in the United States (GAAP). Percentage andbasis-point changes noted in this press release are calculatedbased on numbers that are not rounded. The company has postedadditional details regarding its results atwww.clorox.com/investors/qr.html.

 

## **First-Quarter Results byBusiness Segment**

A summary of key first-quarterresults by segment follows. All comparisons are with the firstquarter of fiscal 2003.

## **Household Products –North America**

1% volume growth

4% sales decline

24% pretax earningsdecline

Volume growth in the segment wasdriven by all-time record shipments of Glad®products, due to record first-quarter shipments ofGlad® trash bags and GladWare®containers, and the introduction of Glad® Press’n Seal™ sealable plastic wrap. Also contributing tovolume growth were new laundry and home care products and increasedshipments of Clorox® bleach. Nearly offsetting thesepositive trends were declines in wipes and convenience mopping dueto competitive activity and a high base-period comparison due tothe prior-year launch of new Brita®pitchers with electronic filterchange indicators. The variance between volume and sales wasprimarily the result of increased trade-promotion spending andunfavorable product mix, partially offset by a favorableforeign-exchange rate in Canada. Pretax earnings reflect costsavings that were more than offset by the impact of trade-promotionspending, start-up costs for new products, the Glad®joint venture and higher raw-material costs.

## **SpecialtyProducts**

4% volume growth, 7% growthexcluding divestitures

4% sales growth, 6% growth excludingdivestitures

5% pretax earnings decline

The segment’s strong volumegrowth was driven by increases in shipments of food products, catlitter and charcoal. Delivering record first-quarter shipments wereHidden Valley® bottled salad dressing, FreshStep® scoopable cat litter, andKingsford® and Match Light® charcoal.Scoop Away® cat litters and FreshStep® regular cat litter achieved all-time recordshipments. Pretax earnings reflect the benefit of volume gains thatwere more than offset by costs associated with contractmanufacturing of Match Light® charcoal, higherraw-material costs and increased manufacturing costs largely due toa shift in the timing of charcoal plant maintenanceactivities.

## **Household Products –Latin America & Other**

4% volume growth, 5% growthexcluding divestitures

13% sales growth, 14% growthexcluding divestitures

95% pretax earnings growth

Volume growth in the segment wasprimarily driven by increased shipments in Mexico and Argentina,partially offset by a decline in Korea insecticides shipments dueto weather conditions. Sales growth outpaced volume growth due tofavorable foreign-exchange rates and price increases, partiallyoffset by unfavorable product mix. Pretaxearnings primarily reflect a favorable comparison to the year-agoperiod, in which pretax earnings declined, and earnings growth inthe current quarter due to revitalization of the Latin Americabusiness.

# ****

# **Outlook**

For the secondquarter, Clorox now expects earnings per diluted share in the rangeof 48 cents to 51 cents (GAAP), compared with 40 cents (GAAP) inthe prior-year quarter. The company expects this strong earningsgrowth to be driven by a strengthening top line offset by highercommodity costs and trade-promotion spending to support newproducts. Second-quarter earnings results will also benefit fromcomparison to the year-ago quarter, which included an assetimpairment charge for the company's business in Argentina that wasslightly offset by lower trade-promotion spending related toclosing out retailer promotion programs as the company converted tonew systems. The company expects low- to mid-single-digit volumegrowth and low-single-digit sales growth compared with theprior-year quarter.

During the firstquarter, Clorox exercised its option under the previously announcedagreement with HC Investments Inc. (Henkel), to increase itsplanned repurchases of stock from Henkel by $15 million in thefirst half of fiscal year 2004. As a result, in the second quarter,Clorox now expects to repurchase $65 million of its common stockfrom Henkel. In addition, the company has already purchased $8million of its common stock on the open market in the secondquarter.

Clorox continues toexpect that fiscal year 2004 results will be consistent with thecompany's previously communicated long-term expectations fordouble-digit earnings-per-diluted-share growth and 3 percent to 5percent sales and volume growth. Specifically, for fiscal year2004, the company's expectations are for earnings per diluted sharein the range of $2.47 to $2.57.

# ****

# **Today’sWebcast**

Today at 10:30 a.m. Pacific time(1:30 p.m. Eastern time), Clorox will host a live audio webcast ofa discussion with the investment community regarding thecompany’s first-quarter results. The webcast can be accessedat www.clorox.com/investors. Following a live discussion, a replayof the webcast will be archived for one week on the company’sWeb site.

# **The CloroxCompany**

The Clorox Company isa leading manufacturer and marketer of consumer products withfiscal year 2003 revenues of $4.1 billion. Clorox markets some ofconsumers' most trusted and recognized brand names, including itsnamesake bleach and cleaning products, Armor All®and STP® auto care products, FreshStep® and Scoop Away® cat litters,Kingsford® charcoal briquets, HiddenValley® and K C Masterpiece®dressings and sauces, Brita® water-filtrationsystems, and Glad® bags, wraps and containers. With8,900 employees worldwide, the company manufactures products in 25countries and markets them in more than 100 countries. Clorox iscommitted to making a positive difference in the communities whereits employees work and live. Founded in 1980, The Clorox CompanyFoundation has awarded cash grants totaling more than $55 millionto nonprofit organizations, schools and colleges; and in fiscal2003 alone made product donations valued at $5 million. For moreinformation about Clorox, visit the company's Web site atwww.clorox.com.

###### **Forward-LookingStatements**

Except for historicalinformation, matters discussed above, including statements aboutfuture volume, sales and earnings growth, profitability, costs,cost savings or expectations, are forward-looking statements basedon management's estimates, assumptions and projections. Importantfactors that could cause results to differ materially frommanagement's expectations are described in "Forward-LookingStatements and Risk Factors" and "Management's Discussion andAnalysis of Financial Condition and Results of Operation" in thecompany's SEC Form 10-K for the year ended June 30, 2003, asupdated from time to time in the company's SEC filings. Thosefactors include, but are not limited to, general economic andmarketplace conditions and events; the company's costs, includingthe impact of world events on raw-material costs and/or supplydisruption; risks inherent in litigation and internationaloperations; the success of new products; the company's ability tomanage and obtain the benefits of joint venture activities; thesuccess of information systems design and implementation;integration of acquisitions; and environmental, regulatory andintellectual property matters.

**Contacts**

Kathryn Caulfield – MediaRelations (510) 271-7209

Steve Austenfeld – InvestorRelations (510) 271-2270

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| **THE CLOROX COMPANY**                                          |                                                                                            |                                                                                                 |                                                                                       |
|-----------------------------------------------------------------|--------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|
| Condensed Consolidated Statements ofEarnings (Unaudited)        |                                                                                            |                                                                                                 |                                                                                       |
| In millions, except share andper-share amounts                  |                                                                                            |                                                                                                 |                                                                                       |
|                                                                 |                                                                                            |                                                                                                 | Three MonthsEnded                                                                     |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |
|                                                                 |                                                                                            |                                                                                                 | 9/30/2003                                                                             |  | 9/30/2002 |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
| Net sales                                                       | $1,048                                                                                     |                                                                                                 | $1,047                                                                                |
| Cost of products sold                                           |          591                                  |                                                                                                 |          544                             |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
| Gross profit                                                    |          457                                  |                                                                                                 |          503                             |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
| Selling and administrativeexpenses                              |          122                                  |                                                                                                 |          116                             |
| Advertising costs                                               |          106                                  |                                                                                                 |          111                             |
| Research and developmentcosts                                   |            19                       |                                                                                                 |            15                  |
| Restructuring and asset impairmentcosts                         |   -                                                                                   |                                                                                                 |               3 |
| Interest expense                                                |              6            |                                                                                                 |               8 |
| Other expense                                                   |               3           |                                                                                                 |               6 |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
| Earnings from continuing operationsbefore income taxes          |          201                                  |                                                                                                 |          244                             |
| Income taxes                                                    |            71                       |                                                                                                 |            86                  |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
| Earnings from continuingoperations                              |          130                                  |                                                                                                 |          158                             |
| Losses from discontinuedoperations(1), net of taxbenefits of $1 |                                                                                            |                                                                                                 |                                                                                       |
|                                                                 | and $6 for the three-month periodsended September 30, 2003                                 |                                                                                                 |                                                                                       |  |
|                                                                 | and 2002,respectively                                                                 | (1)                                                                                             |                                                                                       | (13) |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
| Net earnings                                                    | $129                                                                                       |                                                                                                 | $145                                                                                  |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
| Earnings (losses) per commonshare                               |                                                                                            |                                                                                                 |                                                                                       |
|                                                                 | Basic                                                                                      |                                                                                                 |                                                                                       |  |
|                                                                 |                                                                                            | Continuing operations                                                                           | $0.61                                                                                 |  | $0.71 |
|                                                                 |                                                                                            | Discontinued operations                                                                         | (0.00)                                                                                |  | (0.06) |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
|                                                                 |                                                                                            | Basic net earnings per commonshare                                                              | $0.61                                                                                 |  | $0.65 |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
|                                                                 | Diluted                                                                                    |                                                                                                 |                                                                                       |  |
|                                                                 |                                                                                            | Continuing operations                                                                           | $0.60                                                                                 |  | $0.71 |
|                                                                 |                                                                                            | Discontinued operations                                                                         | (0.00)                                                                                |  | (0.06) |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
|                                                                 |                                                                                            | Diluted net earnings per commonshare                                                            | $0.60                                                                                 |  | $0.65 |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
| Weighted average shares outstanding(in thousands)               |                                                                                            |                                                                                                 |                                                                                       |
|                                                                 | Basic                                                                                      |  212,654                                                                                   |                                                                                       |  221,883 |
|                                                                 | Diluted                                                                                    |  214,807                                                                                   |                                                                                       |  224,051 |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
| Dividends per commonshare                                       | $0.27                                                                                      |                                                                                                 | $0.22                                                                                 |
|                                                                 |                                                                                            |                                                                                                 |                                                                                       |  |  |
| (1)                                                             | Losses from discontinued operationsof $13 in the quarter ended September 30, 2002, include |
|                                                                 |                                                                                            | operating losses of $0.1 million,estimated loss on disposal of $19.4 million, and a $6.0million |
|                                                                 |                                                                                            | tax benefit.                                                                                    |                                                                                       |  |  |

----

# **The CloroxCompany**

Reconciliation Schedule(Unaudited)

In millions

**First Quarter NetSales****(1)**
|                                          | Three Months EndedSept. 30, 2003 | Three Months EndedSept. 30, 2002 |
|------------------------------------------|----------------------------------|----------------------------------|
|                                          | Total Sales(GAAP)                | Sales of DivestedBusinesses      | Sales ExcludingDivested Businesses | Total Sales(GAAP) | Sales of DivestedBusinesses | Sales ExcludingDivested Businesses |
| Household Products- NorthAmerica         | $603                             | $0                               | $603 | $628 | ($0) | $628 |
| Specialty Products                       | 318                              | 0                                | 318 | 306 | (7) | 299 |
| Household Products -Latin America /Other | 127                              | 0                                | 127 | 113 | (1) | 112 |
| Total Company                            | $1,048                           | $0                               | $1,048 | $1,047 | ($8) | $1,039 |

**(1)**These tables provide a quantitativereconciliation of the differences between financial measures thatare not presented in accordance with Generally Accepted AccountingPrinciples in the United States (GAAP) and those calculated andpresented in accordance with GAAP. Management believes that thepresentation of a comparison of historical sales excluding divestedoperations (a non-GAAP financial measure) with sales in the currentquarter (a GAAP measure) provides useful information to investorsabout current trends in the ongoing business. Management does notuse this non-GAAP measure for any other purpose.

----

# **The CloroxCompany**

Segment Information(Unaudited)

In millions
|                           | Net Sales                                                                                                                 |  | Earnings FromContinuing Operations

Before IncomeTaxes                                                                    |  |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------------------------|--|
|                           | Three MonthsEnded                                                                                                         |  | %                                                                                                                         |  | Three MonthsEnded |  | % |  |
|                           | 9/30/2003                                                                                                                 |  | 9/30/2002                                                                                                                 |  | Change(1) |  | 9/30/2003 |  | 9/30/2002 |  | Change(1) |  |
|                           |                                                                                                                           |  |                                                                                                                           |  |  |  |  |  |  |  |  |  |
| Household Products:       |                                                                                                                           |  |                                                                                                                           |  |  |  |  |  |  |  |  |  |
|   North America      | $603                                                                                                                      |  | $628                                                                                                                      |  | -4% |  | $156 |  | $206 |  | -24% |  |
|   LatinAmerica/Other | 127                                                                                                                       |  | 113                                                                                                                       |  | 13% |  |                 31 |  |                 16 |  | 95% |  |
|                           |                                                                                                                           |  |                                                                                                                           |  |  |  |  |  |  |  |  |  |
| Specialty Products        | 318                                                                                                                       |  | 306                                                                                                                       |  | 4% |  | 108 |  | 114 |  | -5% |  |
|                           |                                                                                                                           |  |                                                                                                                           |  |  |  |  |  |  |  |  |  |
| Corporate                 |                     - |  |                     - |  |                     - |  |                (94) |  |                (92) |  | -3% |  |
|                           |                                                                                                                           |  |                                                                                                                           |  |  |  |  |  |  |  |  |  |
| Total Company             | $1,048                                                                                                                    |  | $1,047                                                                                                                    |  | 0% |  | $201 |  | $244 |  | -18% |  |
|                           |                                                                                                                           |  |                                                                                                                           |  |  |  |  |  |  |  |  |  |

(1) Percentages based on numbersthat are not rounded.

----

| **The Clorox Company**                            |
|---------------------------------------------------|
| **Supplemental Volume Growth Information**        |
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
| **BusinessUnit**                                  |  |  |  |  |  |  |  |  |  | **Major drivers ofchange** |  |  |
|                                                   |  | **FY03** |  |  |  |  |  | **FY04** |  |  |  |  |
|                                                   |  | **Q1** | **Q2** | **Q3** | **Q4** | **FY** |  | **Q1** |  |  |  |  |
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
| LaundryCare                                       |  | 3% | -4% | -3% | 1% | 0% |  | 2% |  | Growth driven by thelaunch of *Clorox Bleach Pen.* |
| Home Care                                         |  | 20% | 11% | -3% | -1% | 6% |  | -2% |  | Decline dueprimarily to increased competitive activity for*CloroxReadyMop* and *Clorox Disinfecting Wipes* and distributionlosses for *Pine Sol*, partially offset by new productlaunches. |
| WaterFiltration                                   |  | 11% | 4% | 14% | 0% | 8% |  | -13% |  | Decline in shipmentsdue to launch of new pitcher product and distribution gains in theprior period. |
| Bags &Wraps                                   |  | -1% | 6% | 5% | 11% | 5% |  | 11% |  | Increase behindlaunch of *Glad Press 'n Seal* and record Q1 shipments of*Glad* trash bags and *GladWare* containers. |
| **Total HouseholdProducts - North America**       | **7%** | **3%** | **-2%** | **2%** | **2%** |  | **1%** |  |  |  |  |
| *Household,excluding divestitures*                | *9%* | *5%* | *0%* | *2%* | *4%* |  | *1%* |  | *Himolene*business sold in Q3/FY02. |  |  |
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
| SeasonalProducts                                  |  | 0% | -9% | 5% | 1% | 1% |  | 5% |  | 10th consecutivequarter of higher charcoal shipments. |
| *Seasonal,excluding divestitures*                 | *8%* | *5%* | *10%* | *2%* | *6%* |  | *8%* |  | *Maxforce*business sold in Q3/FY02.  *Black Flag* sold inQ4/FY03. |
| CatLitter                                         |  | -3% | 3% | 2% | 1% | 1% |  | 6% |  | Record Q1 shipmentsfor *Fresh Step* and *Scoop Away* brands behinddistribution gains and promotional support. |
| *Cat Litter,excluding divestitures*               | *-2%* | *7%* | *13%* | *10%* | *7%* |  | *17%* |  | *JonnyCat*litterbusiness sold in Q2/FY03. |  |  |
| Auto Care                                         |  | 0% | -1% | 7% | -3% | 1% |  | -11% |  | Decrease inshipments of *Armor All* Wipes**due to soft categoryconsumption and discontinuation of private labelproduction. |
| Dressing &Sauces                              |  | 15% | 12% | 7% | 16% | 12% |  | 15% |  | Increased shipmentsof *K C Masterpiece* barbecue sauce and record Q1 shipmentsfor *Hidden Valley* bottled salad dressing**driven bypromotional and advertising support. |
| **Total SpecialtyProducts**                       |  | **2%** | **2%** | **5%** | **3%** | **3%** |  | **4%** |  |  |  |  |
| *Specialty,excluding divestitures*                | *4%* | *6%* | *9%* | *5%* | *6%* |  | *7%* |  | *Maxforce*business sold in Q3/FY02, *Jonny Cat* litterbusiness sold in Q2/FY03 and *Black Flag* sold inQ4/FY03. |
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
| **Total HouseholdProducts - Latin America/Other** | **-7%** | **-9%** | **-4%** | **3%** | **-4%** |  | **4%** |  | Increased shipmentsin Mexico, Argentina and Puerto Rico/Central America, offset bydecline in Korea insecticides due to poor weatherconditions. |
| *LatAm/Other,excluding divestitures*              | *-6%* | *-8%* | *-4%* | *4%* | *-3%* |  | *5%* |  |  |  |  |
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
| **TotalClorox**                                   |  | **3%** | **1%** | **0%** | **2%** | **2%** |  | **2%** |  |  |  |  |
| *Total, excludingdivestitures*                    |  | *5%* | *3%* | *2%* | *4%* | *4%* |  | *3%* |  |  |  |  |
| *Total NorthAmerica, excl. divestitures*          | *7%* | *5%* | *3%* | *3%* | *5%* |  | *3%* |  |  |  |  |

----

**The CloroxCompany**

**Supplemental Balance Sheet andCash Flow Information – Preliminary*(unaudited)**

**For the quarterended September 30, 2003**

# **Working Capital (WC)Update**

| Inventories         | 273   | 249   | +24      | 41 | 41 | 0 days  |
|---------------------|-------|-------|----------|----|----|---------|
| Accounts payable    | 282   | 279   | +3       | 45 | 50 | -5 days |
| Accrued liabilities | 490   | 450   | +40      |    |    |         |
| Total WC1           | -70   | -60   | -10      |    |    |         |
| Avg W % Net Sales2  | -2.0% | -1.0% | -1.0 pts |    |    |         |

1 Current assets minus currentliabilities excluding cash and short term debt.

2 Based on a two points averageworking capital divided by annualized Net sales*(current quarter Net sales x4).*
    - Inventory was higher primarilydue to normalization of Charcoal inventory levels.
    - Accounts payable days decreaseddue to higher costs in the current period.
    - Accrued liabilities increased asa result of higher tax-related and other accruals.

### ****

### **Capital expenditures were $39million**

    - $25 million related toinfrastructure improvements, cost savings and newproducts.
    - $14 million for process andsystem implementation (“Project Delta”).

### **Depreciation and amortizationwas $47 million**

#### **Cash provided byoperations**

    - Preliminary cash provided bycontinuing operations is $140 million, 13% of sales and 31% belowthe year-ago quarter, due to a $37 million pension contribution inthe current quarter and lower year-over-year earnings.

#### **Sharerepurchases**

    - This quarter the companyrepurchased a total of about 3.3 million shares at a cost of about$147 million

*Preliminary estimates. Finalnumbers will be published in our Form 10-Q.