Spectrum Has Slow First Quarter

Spectrum Brands Holdings had net sales of $713.3 million for the first quarter of 2023, down 5.8 per cent compared to $757.2 million in the year-ago period. Net sales declined due to lower replenishment orders from retailers' focus on inventory reduction and slower holiday retail sales. Adjusted earnings before interest and taxes were $39.8 million, a loss of 19.3 per cent versus $49.3 million in the year-ago period. The home and personal care sector net sales declined four per cent year over year and the home and garden sector sales declined 5.2 per cent.