Home Products Drive Spectrum Brands Growth

Third quarter sales at Spectrum Brands were up 10.5% driven in large part by strong performance in the company’s Home and Garden division along with strong personal care and small appliance results.

Net sales for the period ending June 28 were $1.25 billion, compared with sales of $1.13 billion for the same quarter the previous year. Net income was $44.9 million, compared to net income of $78 million for the comparable quarter the previous year.

“New product launches continued at a healthy rate and contributed nicely to the quarter,” said Andreas Rouvé, CEO of Spectrum Brands. “We continued our focus on our ‘more, more, more’ organic growth strategy to enter more countries, serve more channels, and launch more categories by leveraging our strong retailer relationships.”

The company’s Home and Garden segment reported record third quarter results with net sales of $202.3 million, an increase of 15.9% compared to net sales of $174.6 million last year.

Net sales for the global personal care product category of $119.4 million in the third quarter of fiscal 2015 compared to $117.6 million last year. Excluding negative foreign exchange impacts of $13.5 million, fiscal 2015 third quarter net sales increased 13%.

The improvement was driven primarily by new products, distribution gains and new retail customers in the shaving and grooming and hair care categories in North America and in Europe and Latin America on a constant currency basis, company officials said.

Net sales in the global small appliances division were $161.3 million in the third quarter of fiscal 2015 compared to $163.9 million in the year-ago quarter. Excluding negative foreign exchange impacts of $13.1 million, fiscal 2015 third quarter net sales increased 6.4%.

The improvement was driven by strong North American sales increases and double-digit growth on a constant currency basis in Europe from new retail customers, new products and promotions, company officials said.