Spectrum Brands Appliance Business Sales up 3.7%
Feb 11, 2011
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Appliance OEM Spectrum Brands Holdings reported record quarterly net sales and adjusted EBITDA in the first quarter of its 2011 fiscal year.
Spectrum net sales in the quarter ended Jan. 2, 2011, were $861 million, up 2.4% including the Russell Hobbs businesses in last year's fiscal first quarter and 4.1% excluding negative foreign exchange impact. Spectrum Brands acquired appliance maker Russell Hobbs in June 2010.
Spectrum stood by its expectation of net sales growth of 3-4% in 2011. The company said it remains on-track to deliver $25-$30 million in cost synergies from the Russell Hobbs transaction.
Spectrum Brands CEO Dave Lumley said the company saw especially strong sales in its battery and personal care businesses.
The company began managing its businesses in three product-focused reporting segments: Global Batteries & Appliances, Global Pet Supplies, and Home and Garden Business.
The Global Batteries & Appliances segment had 2011 first-quarter net sales of $696.6 million, up 3.7% from $671.8 million in the same quarter of fiscal year 2010 and with the inclusion of the Russell Hobbs businesses.
Net sales for the global personal care product category rose 10.3% to $179.6 million in the first quarter of fiscal 2011, a record quarterly level, versus $162.8 million for the same period last year.
The small electrical appliances products of the Global Batteries & Appliances segment reported net sales in the first quarter of fiscal 2011 of $243.1 million, unchanged from the previous year's quarter when including the Russell Hobbs businesses. Continuing softness in North American sales was partially offset by better sales in Europe.
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