First quarter sales at Newell Brands were down as the company also reported a net loss for the quarter ended March 31.
Net sales for the quarter were $1.7 billion, down from sales of $1.8 billion in the first quarter of 2018. Company officials attributed the decline to the impact of foreign exchange and a decline in core sales.
Newell’s net loss for the quarter was $151 million, or a loss of $0.36 per diluted share, compared to net earnings of $53.3 million, or $0.11 per diluted share.
The company’s Food & Appliances segment generated net sales of $504 million compared with $534 million in the prior year period, primarily due to the impact of unfavorable foreign exchange and a core sales decline of 2.7%, Newell officials said.
The decline in core sales, company officials said, was largely attributable to reduced promotional activity and a comparison with the prior year’s sell-in associated with an SAP implementation in Latin America.
Reported operating income was $9.3 million compared with $13.4 million in the prior year period. Reported operating margin was 1.8% compared with 2.5% in the prior year period.
For the second quarter, the company is forecasting net sales of between $2.1 billion to $2.15 billion, with core sales expected to be flat to down 2%.