Feb 3 (Reuters) - Clorox CLX.N raised its annual profit forecast for the second time on Monday, bolstered by cost-savings measures, while it bets on innovation to help revive demand for its household cleaning products.

The company, which also topped expectations for second-quarter net sales, said it would wind down its joint venture with consumer-packaged goods giant Proctor & Gamble PG.N for the Glad trash bags line by Jan. 31, 2026.

Clorox said it would acquire P&G's 20% stake in Glad once the joint venture terminates.

The company has been introducing novelty to its product line, including the Brita Plus water filters and new fragrances for its Poett multi-purpose cleaners, in a bid to entice consumers spending on household products after several quarters of weakness.

Clorox has also divested underperforming businesses, such as its operations in Argentina, and worked on reducing operational costs, even as supply chain costs cool.

The company, which named insider Luc Bellet as its new CFO last week, now expects fiscal 2025 adjusted earnings per share of $6.95 to $7.35, compared with prior expectations of $6.65 to $6.90.

Clorox's results were along similar lines to those of P&G, which topped quarterly estimates and reported a 2% rise in overall organic volumes late in January, helped by a rejuvenated product pipeline.

Clorox has also ramped up advertising and promotion efforts, while cutting back on price hikes to help drive demand.

Excluding items, Clorox earned a profit of $1.55 per share, compared with estimates of $1.41 each, as per data compiled by LSEG.

The Pine-Sol parent reported net sales of $1.69 billion, ahead of estimates of $1.63 billion for the quarter ended Dec. 31.

Excluding the impact of a transition in its enterprise resource planning software, the company maintained its fiscal 2025 organic sales growth target of between 3% to 5%.

Gross margin was up 30 basis points in the second quarter, and the company raised the lower end of its gross margin target to now expect a rise of 125 to 150 basis points.

(Reporting by Juveria Tabassum in Bengaluru; Editing by Alan Barona)

((Juveria.Tabassum@thomsonreuters.com))