Andreas Rouvé, CEO at Spectrum Brands Holdings in Middleton, blames a delay in inventory intake of its seasonal home and garden and global auto care products for the company’s drop in revenue in its latest fiscal quarter ending April 2.
Net sales decreased 3.3%, from $1.21 billion in 2016 to $1.17 billion for the same quarter this year.
Net income fell 36.5% in the quarter, from $92.6 million ($1.55/ diluted share) in 2016 to $58.8 million this year ($1/diluted share).
Analysts had predicted earnings of $1.26/share and revenues of $1.22 billion for the quarter.
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