Spectrum Global Batteries & Appliances Boosts Q2 Profit by 6.8 Percent
MIDDLETON, Wis.-Spectrum Brands Holdings' Global Batteries & Appliances segment, parent of its personal-care and small-electrics lines, posted a 6.8 percent gain in second-quarter segment profit, which totaled $44.2 million.
Net sales for the quarter, which ended on March 30, reached $480.9 million, up 2.6 percent from last year's second quarter. Net sales of the segment's personal-care products, which include the Remington-branded line, rose 2.4 percent. A Spectrum statement said the gain reflected the continuation of "solid revenue growth" in Europe and Latin America in both the shaving and grooming lines, while sales in North America were essentially unchanged.
Net sales in the segment's small electrics--sold under such brands as George Foreman, Black & Decker, Russell Hobbs and Farberware, among others--slipped by 1.4 percent. A decline in North American sales, due to the non-recurrence of promotions, offset an increase in European sales from expansion into new channels and a gain in distribution.
Spectrum as a whole posted second-quarter net income of $33.8 million, reversing its $41.2 million loss from last year's second quarter. The company's net sales rose 3.4 percent to $1 billion. The company cited, among other factors, the "solid results" from the personal-care category for playing a role in the company's record results in the quarter.
Dave Lumley, Spectrum's CEO, said, "Combined with our record first quarter, we have solid first-half momentum toward delivering a fifth consecutive year of record financial performance in 2014."