Spectrum Brands Has Strong First Quarter

Spectrum Brands Holdings, Inc. had net sales of $1,145 million in the first quarter of its 2021 year, an increase of 3.4 per cent compared to net sales of $871.5 million in the first quarter of 2020. The increase was a result of favourable foreign exchange rates, acquisition sales, organic sales, and growth across all business sectors. Net income for the quarter increased $110.9 million to $73.2 million and adjusted income increased 99.7 per cent to $204.1 million. Gross profit margin increased 600 basis points and gross profit increased 56.9 per cent to $422.3 million compared to the year-ago period. Net sales for the hardware and home improvement segment increased 37.3 per cent year over year; net sales for the home and personal care segment increased 17.5 per cent; and net sales for the home and garden segment increased 79.3 per cent.