“We also achieved a record level of continuous improvement savings for a fiscal first quarter,” Mr. Lumley said. “This reinforces our ongoing focus to reduce our cost structure, more than offset higher product costs and continue to invest in many new products, some of which are launching now with more to follow in the months ahead.“With our largely non-discretionary, non premium-priced replacement products,” he said, “we will continue to pursue volume growth, new retailers, retail distribution gains, new products, cross-selling opportunities, geographic expansion, and select pricing actions while maintaining strict spending controls and achieving investment paybacks from our expanding global cost improvement initiatives. “Given consumers’ growing preference for on-line shopping, we also are increasing our investment and resources to partner with our retail customers’ e-commerce platforms to help them increase their overall sales,” he added. “We believe value is winning in the marketplace with consumers worldwide and that our Spectrum Value Model of ‘same or better performance/less price’ is the optimum go-to-market strategy for our retail customers,” Mr. Lumley said. “We are executing on our growth plans and are focused on delivering another year of steady, measured financial improvement, including a strong increase in free cash flow, in fiscal 2014. Our commitment remains to create greater shareholder value, with a focus on growing our adjusted EBITDA, reducing debt and deleveraging, and maximizing sustainable free cash flow.” Fiscal 2014 First Quarter Consolidated Financial Results Spectrum Brands Holdings reported consolidated record net sales of $1.10 billion in the first quarter of fiscal 2014, an increase of 26.5 percent compared to $870.3 million a year earlier. The improvement was the result of the HHI acquisition completed on December 17, 2012. Including HHI in the full prior year period on a pro forma basis, net sales of $1.10 billion in the first quarter of fiscal 2014 increased 3.6 percent compared to $1.06 billion last year, and 3.8 percent excluding the negative impact of foreign exchange.