Acuity Brands Sales Decline

Acuity Brands, Inc. had net sales of $792 million for the first quarter of its 2021 fiscal year, a decrease of 5.1 per cent compared with the prior-year period. Operating profit margin of 10.8 per cent increased 80 basis points and adjusted operating profit margin of 13.2 per cent decreased 110 basis points compared with the prior-year period. Net income was $60 million for the quarter, an increase of 4.6 per cent over last year. Sales in the retail channel increased three per cent year-over-year, reflecting strength in home centre opportunities. Sales in the independent sales network decreased three per cent due to lower volume, decreasing prices on certain products, and a changing mix of products sold due primarily to the impact of the COVID-19 pandemic. Sales in the direct sales network decreased 10 per cent reflecting weakness in large industrial projects while sales in the corporate accounts sales channel declined 28 per cent due primarily to lower renovation activity with large, big-box retailers.