Spectrum Brands Q4 Sales Up, Net Loss Grows

Spectrum Brands’ fiscal year fourth quarter sales were up 1.9% but the company reported a larger net loss for the three month period ended September 30.

Total sales for the quarter were $993 million, up from net sales of $974.4 million in the comparable quarter the previous year. Net loss was $122.6 million, or $2.51 per diluted share, as compared to a net loss of $116.2 million, or $2.51 per diluted share.

David Maura, chairman and CEO of Spectrum Brands, said, “We believe our actions this year reflect decisions that will drive long-term value creation and sustainable growth. Looking ahead, we plan to grow organic sales, EBITDA and adjusted free cash flow in 2020 and beyond.”

Sales in the company’s Home & Personal Care division were up 1% to $285.8 million. Net sales growth was driven by Europe in both personal care and small appliances, as well as growth in Latin America. A net sales decline in U.S. personal care was due to prior-year hair care distribution losses in the mass channel. Excluding unfavorable foreign exchange impacts of $8.9 million, organic net sales grew 4.2%.

In its other divisions, net sales in Hardware & Home Improvement increased 1.1% to $364.9 million; Global Pet Care sales were up 7.9% to $228.9 million; and sales in Home & Garden were down 4.3% to $113.4 million.