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Energizer Holdings' CEO Discusses F3Q12 Results - Earnings Call Transcript

Stocks in this article: ENR

Now turning into divisional results. In Personal Care, organic sales declined 5% due to lower sales across most major product lines. Organically, our Wet Shaves segment declined 5% as gains within the Hydro franchise were offset elsewhere. Within Hydro, men’s refills continue to grow at double-digit rates and the Power Select and women’s Hydro Silk products, both of which launched in the second quarter, provided year-over-year sales growth partially offset by lower sales of Hydro men’s razor handles.

We also experienced sales declines in the other razor and blade sub-segments, which more than offset the growth in the Hydro franchise including legacy men’s and women’s systems related to the Hydro launch and lower sales of disposables.

Sales of the Hydro men’s razor handles declined in the quarter due to comparatively high prior year razor handle shipments from trial-generating investments. Declines in the razor handle shipments are typical on a comparative basis, as we move away from the initial launch period and consumers’ purchases shift to refill blades.

Importantly, refill sales have increased significantly every quarter since launch and were up 21% this quarter versus the third quarter of fiscal 2011 and 57% year-to-date. All segments of Wet Shave were impacted by intense competitive activity and spending levels.

Net sales in Skin Care decreased 6% due to higher trade and promotional investments and unfavorable product mix. Our Banana Boat and Hawaiian Tropic volumes increased versus prior year despite timing of the seasonal recess, which pulled the Easter shipments into the second quarter of this year.

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