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Spectrum Brands Holdings Reports Record Fiscal 2014 First Quarter Results

Stocks in this article: SPB

The small appliances product category reported net sales in the first quarter of fiscal 2014 of $216.8 million versus $220.1 million in the year-ago quarter. A strong increase in European net sales was more than offset by a decline in North American net sales as a result of competitor discounting at a major retailer and, to a lesser degree, the timing of some holiday shipments between the fiscal fourth and fiscal first quarters this year versus last year. Excluding a negative foreign exchange impact of $2.2 million, net sales for the small appliances product category declined 0.5 percent in the first quarter of fiscal 2014.

With segment net income, as adjusted, of $93.1 million, the Global Batteries & Appliances segment reported adjusted EBITDA of $114.2 million in the first quarter of fiscal 2014, an increase of 3.1 percent compared to adjusted EBITDA of $110.7 million in the year-earlier quarter, when segment net income was $92.0 million.

Global Pet Supplies

The Global Pet Supplies segment reported net sales of $129.1 million in the first quarter of fiscal 2014 compared to $139.8 million last year. Lower net sales in both North American and European aquatics and companion animal categories were predominantly driven by timing, a shorter Christmas selling season and retailer inventory reductions.

Segment net income, as adjusted, was $12.5 million in the first quarter of fiscal 2014 versus $10.1 million in the first quarter of fiscal 2013. First quarter adjusted EBITDA decreased to $20.4 million compared to $23.1 million in fiscal 2013 due to the lower sales and unfavorable product mix, partially offset by strong cost reduction and expense control initiatives.

Home and Garden

The Home and Garden segment reported record first quarter net sales of $33.8 million, an increase of 10.8 percent compared to $30.5 million in the first quarter of fiscal 2013. The increase was driven by higher net sales in the lawn and garden controls product category as a result of strong retail customer demand. The first quarter of the fiscal year is generally a period of building inventory in advance of the Home and Garden segment’s major selling season, which occurs in the spring and summer months. First quarter net sales for the Home and Garden segment are typically less than 10 percent of full-year revenues.

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