Spectrum Brands Holdings' Global Batteries & Appliances segment had fiscal 2012 3Q net sales of $500.7 million, down 0.9% from $505.2 million a year ago. Sales were up in small appliances and personal care products, but those gains were offset by a drop in battery revenues.
With higher revenues in North America and Latin America, net sales in the global personal care category was up 2.0% to $116.3 million in 3Q of fiscal 2012 from $113.9 million in 3Q fiscal 2011.
The small electrical appliances category had net sales in the 3Q fiscal 2012 of $173.3 million, up 1.8% from $170.2 million in 3Q fiscal 2011.
Spectrum said gains in this product category came from:
* market share gains
* geographic expansion
* new customers and pricing
* higher European net sales
* higher Latin American net sales
Those gains more than offset lower revenues in North America, due largely to ongoing elimination of low margin promotions.
For the company as a whole, Spectrum Brands Holdings, Inc., reported net income of $58.7 million in its fiscal 2012 third quarter, more than double the net income of $28.6 million in the third quarter of the previous fiscal year.
3Q net sales were up 2.5% to $824.8 million, up from $804.6 million in the third quarter a year ago. Operating income was up 21.0% to $95.2 million from $78.7 million a year ago.
In the first nine months of its fiscal year, Spectrum Brands reported consolidated net sales of $2.42 billion, up 2.6% from $2.36 billion in fiscal 2011. The improvement was driven by net sales increases for all three of the company's business segments.
Spectrum Brands' lower gross profit of $835.8 million in the nine months of fiscal 2012 versus $848.4 million a year ago was attributed to a $12 million increase in commodity prices; increased costs from sourced goods, primarily from Asia; costs due to changes in product mix; and costs from changes in the company's freight programs. Expense controls and cost improvement initiatives helped improve operating income for the nine months of fiscal 2012 by 20.0%, to $234.2 million, from $195.1 million a year ago.
The company had net income of $43.1 million for the nine months of fiscal 2012 compared to a net loss of $41.3 million in the previous year.
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