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Apr 02, 2023
Spectrum Brands Q2 2023 Earnings Report
Reported a decrease in net sales due to retailer inventory strategy, resulting in a net loss from continuing operations.
Key Takeaways
Spectrum Brands Holdings reported a 9.7% decrease in net sales, driven by retailer inventory strategies. The company experienced a net loss from continuing operations of $75.0 million. However, they resolved the lawsuit with the U.S. Department of Justice regarding ASSA ABLOY's acquisition of HHI Segment and expects to collect $4.3 billion upon completion of the sale of HHI.
Resolved the lawsuit with the U.S. Department of Justice regarding ASSA ABLOY's acquisition of HHI Segment.
Expects to collect $4.3 billion upon completion of the sale of HHI, anticipated to close no later than the end of June 2023.
Net sales decreased 9.7% driven by retailer inventory strategy.
Inventory Reduction of $170 million in the Quarter, including HHI Business, Resulting in Positive Free Cash Flow.
Forward Guidance
Spectrum Brands now expects reported net sales to decline by mid single-digits in Fiscal 2023 and Adjusted EBITDA is expected to decline by low to mid single-digits.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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