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Spectrum Brands Sales Flat In Q4

Spectrum Brands has reported results from continuing operations for the fourth quarter of fiscal 2018 ended September 30, 2018.

Net sales across its various product divisions were $787.8 million in the fourth quarter of fiscal 2018 and were unchanged compared to $787.8 million last year.

Net loss from continuing operations was $150.3 million and diluted loss per share from continuing operations of $3.00 in the fourth quarter of fiscal 2018 compared to a net loss from continuing operations of $32.5 million and diluted loss per share from continuing operations of $1.01 in fiscal 2017 primarily due to the write-off from impairment of goodwill, HRG merger costs, lower gross profit and higher distribution costs.

“Fiscal 2018 was a year of significant transformation at Spectrum Brands, as we advanced our plan to create a more focused company with improved financial strength and flexibility to drive long-term growth and value,” said David Maura, chairman and CEO of Spectrum Brands. “During the year, we completed or entered meaningful transactions and made significant management, operational and strategic changes and investments that are expected to create a more focused and financially stronger business that is well positioned for the future.”

As previously reported, in announcing the recent sale of its global auto care business to Energizer Holdings, the company said it is now retaining and reclassifying appliances, which consists of small appliances and personal care, as continuing operations effective the first quarter of its fiscal year 2019, ending December 31 of this year.