Spectrum Brands Small Appliances See Growth in Europe
Feb 11, 2013
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Spectrum Brands Holdings' Global Batteries & Appliances segment reported 1Q fiscal 2013 net sales of $666.0 million, down 3.4% from $689.2 million in 1Q fiscal 2012.
While the segment saw an increase in batteries, this was more than offset by lower revenues in personal care products as well as the small electrical appliances.
These decreases were mostly a result of planned elimination of low margin promotions in North America.
Small appliances had net sales in 1Q fiscal 2013 of $220.1 million, down 9.5% compared to $243.1 million in 1Q fiscal 2012. The company reported higher net sales in Europe, partially from growth in the U.K. and regional expansion in Western and Eastern Europe. This growth was more than offset by lower North American revenues, largely from the planned elimination of low margin promotions.
The company as a whole reported record fiscal 2013 first quarter results. Its fiscal 1Q ended Dec. 30, 2012. The company reconfirmed its outlook for a fourth consecutive year of record performance from its legacy businesses. Spectrum Brands also reiterated that its acquisition of the Hardware & Home Improvement Group (HHI) from Stanley Black & Decker in late December 2012 would provide significant, additional net sales and earnings to its fiscal 2013 full-year results and beyond.
In the first quarter of its 2013 fiscal year, Spectrum Brands reported record net sales of $870.3 million, up 2.5%. This included the HHI and FURminator acquisitions. The amount is up from $848.8 million in the first quarter of the previous fiscal year.
The company reported a net loss of $13.4 million as a result of one-time acquisition and integration costs.
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