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Spectrum Brands Sales Up in Quarter
May 7, 2013
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Diversified consumer products company Spectrum Brands Holdings reported record fiscal 2013 second quarter results.

Spectrum Brands net sales in the quarter ending March 31, 2013, were $987.8 million, including the Hardware & Home Improvement (HHI) business acquired in December 2012. Net sales in the quarter were up 32.4% in 2Q fiscal 2013, $746.3 million in 2Q fiscal 2012. Including HHI in last year's fiscal second quarter on a pro forma basis, net sales were up 1.0%.

Spectrum Brands had a net loss in the quarter of $41.2 million, compared to a net loss of $28.7 million in 2Q fiscal 2012.

The company reiterated its expectations for a fourth consecutive year of record financial performance for its legacy business in fiscal 2013, and expects to see improvements in the second half of the year.

Spectrum Brands Global Batteries & Appliances business segment had fiscal 2013 second quarter net sales of $468.6 million, down 2.4% from sales of $480.1 million in second quarter of fiscal 2012. The net sales decline came primarily from the phase-out of small electrical appliance low-margin promotion. Segment net income, as adjusted, was $34.6 million for Global Batteries & Appliances.

Other Spectrum Brands segments are Global Pet Supplies, Home and Garden, and Hardware & Home Improvement.

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