DJ Spectrum Brands Turns 1Q Profit, Higher Sales on Supply-Chain Recovery, E-Commerce
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.
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(END) Dow Jones Newswires
February 05, 2021 06:43 ET (11:43 GMT)
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