Spectrum Brands Reports Q2 Personal Care Gains, Flat Small Appliance Sales

Spectrum Brands today reported fiscal second quarter net sales gains of $480.9 million or 2.6% for its Global Batteries & Appliances segment, which includes its Remington personal care and Russell Hobbes small appliance businesses. According to the company, higher battery and personal care net sales more than offset slightly lower small appliances revenues.

For the global personal care product category the company reported net sales of $117.0 million for the quarter, a 2.4% increase versus $114.2 million last year, and a 3.1% increase when excluding the negative impact of foreign exchange. The company said the improvement was driven by a continuation of revenue growth in Europe and Latin America in both the shaving and grooming and personal care categories. North American net sales were essentially unchanged in the second quarter.

For the small appliances product category the company reported net second quarter sales of $152.5 million versus $154.6 million in the second fiscal quarter of 2013. The company indicated that, excluding the negative impact of foreign exchange, net sales were essentially flat. Higher European net sales from expansion into new channels and increased distribution at existing retailers were offset by a decline in North American net sales primarily from a non-recurrence of promotions.

For the quarter the company reported overall net sales of $1.02 billion, a 3.4% increase compared to net sales of $987.8 million for the year-earlier quarter.

“We are pleased with our record results in the second quarter, which seasonally is our smallest quarter of the year,” said Dave Lumley, CEO of Spectrum Brands Holdings. “Combined with our record first quarter, we have solid first half momentum toward delivering a fifth consecutive year of record financial performance in fiscal 2014.


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