Spectrum Brands Holdings, Inc. is optimistic as it heads into its fiscal fourth quarter and expects a boost from back-to-school store traffic. The company saw net sales increase 32% to $1.09 billion from $824.8 million a year ago, thanks to the company’s acquisition of the hardware and home improvement division of Stanley Black & Decker late last year.
Its third quarter net income dropped nearly 39%, however, to $36.1 million (69 cents/share) compared to the same quarter in 2012, due to acquisition costs, a $20 million swing to a tax expense from a tax benefit, and other expenses. In 2012, Spectrum’s net income was reported at $58.7 million ($1.13/share).
