Remington, Russell Hobbs Provide Highlights in Spectrum's Q4
MADISON, Wis.-Healthy sales gains for Remington personal-care products and the Russell Hobbs portfolio of small electrics drove Spectrum Brands' Global Batteries & Appliances segment to a segment profit of $58.4 million in the fourth quarter, up 9.6 percent over the fourth quarter of last year.
Sales of personal-care products rose 10.6 percent in the quarter, which ended on Sept. 30. The small electrics division posted a 7.8 percent increase in the quarter, reflecting greater revenues from beverage, cooking, and food-preparation appliances in North America. Overall, this segment reported $592.9 million in sales, up 4.5 percent from a year ago.
For the fiscal year as a whole, the segment logged in net income of $238.9 million, an increase of 39 percent. Sales totaled $2.3 billion, up 36 percent over the last fiscal year.
The segment brought in better results than Spectrum Brands as a whole. The company reported a fourth-quarter net loss of $33.8 million, compared to a net loss of $24.3 million from the fourth quarter of last year, as net sales rose 4.9 percent to $827.3 million. For the fiscal year, Spectrum narrowed its net loss to $75.2 million from $190.1 million one year ago, with a sales gain of 24.1 percent to $3.2 billion.