Remington Sales Boost Spectrum's First Quarter
MADISON, Wis.-Global sales of Remington-branded products rose 12.1 percent in the fiscal second quarter of parent company Spectrum Brands, totaling $96.3 million.
The sales rise helped the parent's Global Batteries and Personal Care segment to an operating profit of $41.1 million, up 12.6 percent over last year's fiscal second quarter. In its statement reviewing the second-quarter results, Spectrum attributed the segment's gains to "solid growth" in shaving and grooming products, along with the positive effects of foreign currency exchange rates.
Overall, Spectrum reduced its net loss for the second quarter to $19 million, from $60.4 million last year. The company's performance received boosts from a 5.8 percent pickup in net sales, which reached $532.6 million; and a 264 basis-point gain in its gross margin, which finished the quarter at 39.4 percent.
It was during the second quarter that Spectrum announced its proposed merger with Russell Hobbs, the former Salton Inc. In previous statements, the company said this transaction is set to close some time this summer.