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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.
Spectrum Brands
Spectrum Brands
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.