SPY380.36-1.97 -0.52%
DIA309.45-4.53 -1.44%
IXIC13,192.35+72.96 0.56%

DJ Spectrum Brands Turns 1Q Profit, Higher Sales on Supply-Chain Recovery, E-Commerce

· 02/05/2021 06:43

By Dave Sebastian

Spectrum Brands Holdings Inc. turned a profit and reported higher sales for the fiscal first quarter as it booked gains from e-commerce and continued supply-chain recovery.

The consumer-products and home-essentials company Friday posted net income of $72.1 million, compared with a loss of $35.8 million in the prior year. Earnings were $1.68 a share, compared with a loss of 75 cents a share in the year-ago period.

Sales rose 31.4% to $1.15 billion. Analysts polled by FactSet were looking for $1.01 billion.

E-commerce sales grew more than 54%. Hardware and home improvement sales rose to 37.3% to $408.7 million. Home and personal care sales rose 17.5% to $378.5 million. Global pet care sales rose 33.9% to $275.5 million. Home and garden sales rose 79.3% to $82.3 million.

"Overall our businesses continued to benefit from supply chain recovery, particularly in our Hardware and Home Improvement business," Chairman and Chief Executive David Maura said.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

February 05, 2021 06:43 ET (11:43 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.