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Spectrum Brands Shows 1Q Sales Growth
Feb 19, 2014
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Small appliance maker Spectrum Brands Holdings reported record results for the first quarter of its current fiscal year. The first quarter of Spectrum Brands' fiscal year 2014 ended Dec. 29. 2013.

Net sales in the first quarter were $1.10 billion, including the acquired Hardware and Home Improvement (HHI) business. This is up 26.5% from $870.3 million in the same quarter of the previous year.

Including HHI in the full prior year period on a pro forma basis, net sales were up 3.6%, and up 3.8% excluding negative currency impacts.

Net income in the quarter was $54.3 million compared to a net loss of $13.4 million in the first quarter of the previous fiscal year.

“Our record first quarter results give us a strong start on delivering a fifth consecutive year of record financial performance from our legacy business along with strong growth from our HHI division,” said CEO Dave Lumley. “We reported net income of $54 million and delivered adjusted EPS and adjusted EBITDA growth in the quarter with excellent margin improvements."

Spectrum Brands Holdings' Global Batteries & Appliances business segment reported fiscal 2014 first quarter net sales of $659.3 million, compared to $666.0 million in the year-ago quarter.

Higher personal care net sales were more than offset by lower battery and small appliances net sales.

Global battery sales in 1Q of FY 2014 were $264.5 million, from $271.0 million in 1Q FY 2013. The comparable decrease in the most recent quarter was caused by a spike in flashlight sales after Hurricane Sandy in the previous year's quarter.

Net sales in personal care products were $178.1 million in 1Q of FY 2014, an increase of 1.8% from $175.0 million in 1Q of FY 2013. Higher revenues in Europe and Latin America offset lower net sales in North America, which came from men’s shaving and grooming.

Small appliances net sales in 1Q of FY 2014 were $216.8 million, from $220.1 million in 1Q of FY 2013. The product category saw a strong increase in European net sales was more than offset by a decline in North American net sales. The North American decline was blamed to a large extent on a competitor discounting at a major retailer.

Adjusted Global Batteries & Appliances segment net income was $93.1 million from the year-ago $92.0 million .

Adjusted Global Batteries & Appliances segment adjusted EBITDA was $114.2 million in the first quarter of fiscal 2014, up of 3.1% from adjusted EBITDA of $110.7 million in the previous year-earlier quarter.

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