Blyth, Inc., Greenwich, CT, reported lower quarterly profit for the year ended July 31 and cut its outlookfor the current fiscal year. The company reported net earnings of $9.4 million, down from $11.2 milliona year earlier. Sales rose about 5% to $289.1 million.
"The North American wholesale environment has deteriorated materially since the beginning of theyear," said Robert Goeren, chairman, in a statement. "The significant decline in holiday shipmentsduring the second quarter vs. our historical norm highlights the reduced confidence levels in the retailindustry as a whole."
He added, "With the additional obstacle of energy price increases since the beginning of the year,growth in the wholesale segment will be difficult to achieve in fiscal 2005."
Blyth's outlook for the 2005 fiscal year is now $2.30-2.40 a share, compared with the company'sprevious forecast of $2.35-2.45 a share.
Blyth's Profit Hurt by Soft Wholesale Market
Published August 25, 2004
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