Spectrum Brands falls on lowering FY sales growth forecast
12/08/2022 16:28
** Shares of consumer and home product maker Spectrum Brands
Holdings SPB.N decline as much as 9.6% to $63.77
** SPB cuts full-year sales growth forecast to mid-single
digits from an earlier outlook of mid-to-high teens growth
urn:newsml:reuters.com:*:nBw2LXHwZa
** Posts Q3 revenue of $818 mln missing Wall St. estimate of
$918 mln - Refinitiv IBES
** SPB says taken actions to cut 17% of global salaried
positions during the quarter that will drive over $30 mln in
annualized savings
** "During the quarter our retail partners experienced
rapidly changing consumer behavior as well as reduced foot
traffic in home center channels while their inventory levels
were 30%-40% higher than a year ago levels" - CEO David Maura
** The "unprecedented" negative demand shocks and the
unfavorable weather conditions materially reduced company's
planned sales for the quarter and led to inventory levels being
higher than expected, adds Maura
** SPB down ~33% so far this year
(Reporting by Arunima Kumar in Bengaluru)
((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))