Greenwich, CT-based Blyth, Inc. announced a 13% drop in third quarter profits. The company blamed a weak retail environment.
Quarterly earnings were $30 million, compared to $34.8 million in the year-earlier period. Net sales were $439.4 million, a 2% increase from a year earlier. Sales rose 2% in the wholesale segment, impacted by the April divestiture of Jeanmarie Creations. Direct sales fell 9% to $156.1 million. Catalog and internet sales rose 50% to $54.1 million. In anticipation of continued softness, Blyth lowered its fiscal 2005 earnings expectations to $2.05-2.15 a share, down from the previous forecast of $2.30-2.40.