Jarden Posts $4.4 Million Net Loss in Q1

RYE, N.Y.-A number of adjustments and one-time charges put Jarden's bottom line in the red in its fiscal first quarter ending on March 31.

The company reported a net loss of $4.4 million, putting a damper on a quarter in which the company achieved record net sales of $1.6 billion. Minus the one-time postings--which included inventory charged to cost of sales, charges for devaluation of currencies, amortizations of several items and a loss related to the extinguishment of debt--Jarden's net income was $33.1 million in the quarter, down 20.8 percent from the adjusted net income of last year's first quarter.

The company's net sales finished 5.7 percent ahead of last year. Included in the overall performance was a net sales pickup of 4.4 percent in its Consumer Solutions unit, which includes Jarden's housewares products. This segment also posted operating income of $37.5 million in the quarter, up 2.7 percent.

Gross margin for the company as a whole finished dead even with last year's first quarter at 28.1 percent. Selling, general and administrative expenses rose 21.6 percent in dollars and 119 basis points as a percentage of sales, to 24.5 percent.

Martin Franklin, Jarden's executive chairman, said the company's first-quarter sales growth positions the company to achieve its 2013 financial goals. "The foundation for our positive sales growth remains our commitment to brand and product-development spending, which in turn leads to innovative new products," Franklin said.

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.


Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN May digital issue


    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.


    • 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