High operating costs, rising inflation, and a decline in demand for cleaning products, a key category for Clorox, created a triple whammy. Management moved quickly to address the problems, cutting costs and raising prices, but it was clear that it would be a multi-year effort to return profit margins back toward historical levels. With the stock still well off of its highs from a few years ago, long-term investors have a chance to buy this reliable dividend payer at what look like depressed levels.