EveryWare Global Posts Q4 Loss, Increased Loss for FY
April 1, 2014,
LANCASTER, Ohio-With gross margin off and expenses rising due to restructuring and the recently acquired business in the United Kingdom, EveryWare Global reported a net loss of $14.3 million in its fiscal fourth quarter, compared to net income of $1.1 million for its fourth quarter of last year.
For the fiscal year ending on Dec. 31, EveryWare's net loss totaled $17.4 million, compared to the $4 million net loss it registered in the prior fiscal year. Gross margin in the quarter fell 610 basis points to 16.5 percent. The added restructuring and acquisition expenses pushed the company's overall operating expenses up 16 percent in dollars and 200 basis points as a percentage of sales, to 20.5 percent.
Last year, EveryWare made a deal to acquire the George Wilkinson and Samuel Groves business units of U.K.-based Metalrax Housewares.
Sam Solomon, who became EveryWare's interim CEO in February, said, "With a renewed focus on our most important channels and by leveraging our iconic brands we are taking actions that will create more customer value, improve margins, reduce costs, more efficiently allocate capital and ultimately generate free cash that can be used to invest in the business and pay down debt."
Other Articles By Author
Von Tobel Cites Brass Textures Among Top Trends
HFN's DIGITAL EDITION
2017 State of the Industry Report
Cautious Optimism, Mixed Results
Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.
ALSO IN THIS ISSUE:
- TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
- Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
- N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.