Spectrum Global Battery and Appliances Net Falls in Q4
MIDDLETON, Wis.-Due to a downtrend in sales, the global battery and appliances segment of Spectrum Brands saw net income fall 5 percent in the fourth quarter and 2.8 percent for the fiscal year.
Net income for the segment was $55.8 million in the quarter, which ended on Sept. 30, bringing the bottom-line total for the year to $237.5 million. Net sales were down 0.5 percent in the quarter to $577.3 million, while for the fiscal year, net sales were $2.2 billion, down 2 percent.
A Spectrum statement attributed the sales shortfall to the planned elimination of low-margin promotions in North American small electrics, along with changes in foreign exchange rates. By product category, sales of personal-care items gained 6.1 percent, thanks to increased revenues from Europe and Latin America. Small-electrics sales edged up 0.5 percent, driven mostly by a double-digit sales increase in Europe.
Spectrum as a whole posted net losses of $36.7 million in its fourth quarter and $55.2 million for the fiscal year. Net sales for the parent rose 36.6 percent in the quarter, to $1.1 billion, and 25.6 percent for the year, to $4.1 billion.