Spectrum Brands Q2 Sales Up

Second quarter sales at Spectrum Brand were up mid single-digits as the company saw a drop in sales in its Global Batteries & Appliances division.

Company wide net sales for the quarter ended March 29 were $1.07 billion, up 4.4% from net sales of $1.02 billion in the same quarter the previous year. Despite the increase, Spectrum officials said sales were negatively impacted by foreign exchange rates and delays at West Coast ports.

“We reported another solid quarter, keeping us on track to deliver record performance in fiscal 2015,” said Andreas Rouvé, CEO of Spectrum Brands Holdings. “Our Home and Garden business delivered a record second quarter, and we saw strong volume growth in our HHI business, in Europe and Latin America.”

The Global Batteries & Appliances segment reported fiscal 2015 second quarter net sales of $443.9 million versus $480.9 million in the year-ago quarter. Port delays negatively impacted net sales by $4.2 million in the second quarter of fiscal 2015.

Net sales for the global personal care product category were $110.5 million in the second quarter of fiscal 2015 compared to $117 million last year. On a constant currency basis, strong growth in shaving and grooming in North America and in Latin America from shaving and hair care and new retail customers more than offset slightly lower European revenues.

Net sales of global appliances were $151.6 million, flat when compared to sales of $152.5 million in the year-ago quarter. Port delays negatively impacted net sales by $1.7 million in the second quarter of fiscal 2015. Revenues grew at a double-digit rate on a constant currency basis in Europe and Latin America, while North American sales were essentially unchanged.