Hamilton Beach Net Falls 66 Percent in Second Quarter

CLEVELAND--Net income for Hamilton Beach took a 66 percent dive to finish the second quarter at $1.3 million, according to the second-quarter report on financial results from the brand's parent, NACCO Industries.

 

The drop in the bottom line resulted from reduced margins on most of Hamilton Beach's product lines, NACCO said. Higher costs for products and transportation hurt profits in the quarter, which ended on June 30, as well as pretax costs related to the moving of Hamilton Beach's distribution center and increased bad-debt expense due to a customer's bankruptcy. Net sales for the brand edged up 1 percent to $104.3 million.

 

Looking ahead, NACCO warned that difficulties remain for Hamilton Beach through the balance of the year. The brand's mass-market target consumer "continues to struggle as a result of financial concerns and high unemployment rates," the company said. "As a result, this segment of the U.S. consumer market is expected to remain challenged."

 

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money