Spectrum Brands Holdings, Inc. reported net sales of $2.6 billion in its fiscal year 2010, up 15.1% from fiscal 2009, and reported 3.4% growth on sales of $3.1 billion in fiscal 2010 when including the recently added Russell Hobbs businesses for both fiscal years.
Spectrum said it is on-track to deliver $25-$30 million in cost synergies from its mid-2010 merger with small appliance maker Russell Hobbs, Inc.
Spectrum formed the business segment Small Appliances, consisting of the businesses added to the portfolio when the Russell Hobbs transaction was completed on June 16, 2010. Small Appliances reported net sales of $201.8 million for the fourth quarter of fiscal 2010 compared with $211.2 million in the prior-year period. The sales decline was primarily attributable to softness in North American operations, partially offset by a strong international performance, primarily in Europe.
The Small Appliances segment recorded a fourth-quarter net loss of $1.1 million. Adjusted EBITDA for the fourth quarter of fiscal 2010 was $19.5 million, a decrease blamed on lower sales and increased promotional spending.
Spectrum's Global Batteries & Personal Care segment, which includes Remington shavers and other personal care appliances, saw double-digit, top-line sales growth in batteries in North America and Latin America. Spectrum reported $372.0 million of net sales for the fourth quarter of fiscal 2010, compared with $361.4 million in the same period last year.
Global sales of Remington branded products were $110.9 million for the fourth quarter of fiscal 2010 versus $112.3 million for the same period in 2009.
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