Spectrum Brands’ Net Sales Rise Amid Higher Reinvestments

Spectrum Brands, whose portfolio includes brands like Repel, George Foreman and Kwikset, reported that net sales climbed 22.6 percent for the second quarter of fiscal 2021.

In announcing its financial results, Spectrum Brands indicated that net sales grew by 28 percent in home & personal care. The firm said that net sales were fueled by ongoing strength in the small kitchen appliances and personal care areas in addition to expansion throughout every region.

For home & garden, Spectrum Brands indicated that net sales grew by 21.4 percent. The company said that net sales expanded throughout all three categories, which include repellents, household insecticides and controls.

And, in global pet care, Spectrum Brands indicated that net sales grew by 23.9 percent. The firm attributed increased net sales to ongoing expansion in the aquatics and companion animal areas.

For hardware & home improvement, Spectrum Brands indicated that net sales grew by 18.4 percent. The company said that net sales were fueled by expansion throughout every category, with formidable consumer demand and fruitful new product introductions.

All in all, Spectrum Brands reported adjusted diluted earnings per share (EPS) of $1.76 because of favorable volumes and bolstered productivity.

“Our latest financial results for second quarter reflect another quarter of exceptional top-line growth and operating leverage,” Spectrum Brands chairman and CEO David Maura said in the company’s earnings announcement. “Higher reinvestments continue to reignite the fly wheel of new product launches, improving our top-line growth, expanding our margins and driving greater profitability and cash flow generation.”

Beyond Kwikset, George Foreman and Repel, Spectrum Brands’ other labels include Cutter, Good Boy, Healthy-Hide, Nature’s Miracle, Black+Decker, National Hardware and Weiser.

The company, which is a Russell 1000 index member, brought in fiscal 2020 net sales of roughly $4 billion.

In separate recent retail earnings news, Wayfair reported as part of its financial results that total revenue soared by 49.2 percent year over year to $3.5 billion in Q1 2021.