“We executed well on our global operating plans and strategic objectives in fiscal 2013,” Mr. Lumley said. “At the same time, we overcame significant adversity in the form of $23 million of negative foreign currency impacts on our adjusted EBITDA, challenging global economies, sluggish spending by still cautious and financially stretched consumers, tighter retailer inventory levels and reorder rates, unusual and disruptive weather patterns, and sustained and increased competitor discounting and promotions in certain of our businesses.“The resilience of our businesses in today’s difficult global environment is a testament to our operating model, go-to-market strategies, brand strength and diversity, and strong retailer relationships around the world,” he said. “Our Spectrum Value Model is working effectively, and we continue to believe that value is winning with retailers and customers in the marketplace. Our continuous improvement cost savings in fiscal 2013 reached a record level, more than offsetting higher product costs and helping us to invest in a stream of exciting new products, some of which are launching now with more to follow in the months ahead.
Spectrum Brands Holdings Reports Record Fiscal 2013 Results, Meets Or Exceeds Full Year Financial Guidance
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