Spectrum Brands Q4, Annual Sales Rise

Fiscal year fourth quarter sales at Spectrum Brands were up 3.6% as the company closed out its fiscal year with a net sales increase of more than 8%.

Consolidated net sales for the quarter were $1.18 billion compared to net sales of $1.14 billion a year earlier. The improvement was the result of higher net sales in the company’s home and garden, HHI and battery businesses.

Gross profit and gross profit margin in the fourth quarter of fiscal 2014 were $411 million and 34.9%, respectively, compared to $396.5 million and 34.9%, respectively in the prior year.

Fiscal year consolidated net sales were $4.43 billion compared to $4.09 billion in fiscal 2013. The increase was the result of the Hardware and Home Improvement Group (HHI) acquisition on December 17, 2012 and higher revenues for the Home and Garden and Batteries businesses.

Including HHI on a pro forma basis as if part of the company for all of fiscal 2013, net sales of $4.43 billion increased 3.5 percent compared to $4.28 billion last year.

Gross profit and gross profit margin for fiscal 2014 of $1.57 billion and 35.4%, respectively, improved compared to $1.39 billion and 34% in fiscal 2013.

“Fiscal 2014 was our fifth consecutive year of record performance,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings. “We delivered solid, consistent sales growth each quarter of about 3.5%.”

In the small appliance product category, net sales were $197.6 million for the fourth quarter, nearly flat from sales of $196.8 million in the year-ago quarter. Higher European revenues from new listings and market share gains were offset by modest declines at several North American retailers.

Net sales for the global personal care product category of $129.4 million in the fourth quarter of fiscal 2014 increased 2% versus $126.9 million last year. North America, Europe and the Asia-Pacific regions posted improvements.