Spectrum Brands Goes from Loss to Profit in Fiscal 2012

MADISON, Wis.-In a year in which the company managed to set a record for sales, Spectrum Brands transformed a $75.2 million net loss into net income of $48.6 million, according to a preliminary report on the fiscal year.

Net sales rose 2.1 percent to $3.3 billion in the year, which ended on Sept. 30. The company's Global Batteries and Appliances division, wherein are the Remington personal-care brand and the Russell Hobbs line of small electrics, posted net income of $221.6 million, down 7.2 percent.

Dave Lumley, Spectrum's CEO, said the company as a whole managed to turn around the bottom line "in the face of extraordinary, negative foreign-currency impacts, challenging European economies and ongoing commodity and Asian supply-chain cost increases....These preliminary results reflect the strength of our brands and the value they provide to retailers and consumers, as well as our focus on operational efficiency and execution."

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.

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