Quarterly Revenue At NACCO Housewares Segments Sluggish

Third quarter sales at NACCO Industries’ two housewares divisions, Hamilton Beach and Kitchen Collection, were mixed as company officials said the middle-market mass consumer continues to struggle with financial and economic concerns.

NACCO reported that quarterly revenue at Hamilton Beach was $135.2 million, up slightly from revenue of $134.1 million in the third quarter of 2013. Net income was $6 million compared with net income of $7.4 million from the comparable quarter the previous year.

For the nine months ended September 30, 2014, Hamilton Beach reported net income of $7.7 million and revenues of $354.9 million compared with net income of $10.9 million and revenues of $354.9 million for the first nine months of 2013. 

Kitchen Collection in the third quarter reported a net loss of $1 million vs. a net loss of $2.8 million in the same quarter of 2013. Revenue was $37.6 million, down from revenue of $42.6 million for the third quarter of 2013.

According to the company, the decline in Kitchen Collection’s revenues was primarily the result of the loss of sales from the closure of unprofitable Le Gourmet Chefand Kitchen Collectionstores since September 30, 2013, and a decrease in comparable store sales at both the Kitchen Collection and Le Gourmet Chefstores. As of September 30, the company operated 239 Kitchen Collection stores compared with 258 stores.

For the nine months ended September 30, 2014, Kitchen Collection reported a net loss of $7.7 million and revenues of $107.2 million compared with a net loss of $8.5 million and revenues of $120.7 million for the first nine months of 2013. 

Overall, NACCO Industries reported quarterly net income of $7.7 million and revenues of $221.7 million for the 2014 third quarter, compared with net income of $12.3 million and revenues of $228.6 million in the third quarter of 2013.