● Blyth, Inc. reported that net sales for the second quarter ended July 31, 2006 increased approximately 2% to $262.6 million. International sales represented 27% of total sales in the second quarter this year versus 23% last year, reflecting strong growth in PartyLite’s international markets.
Second quarter operating loss was $27.7 million this year versus operating profit of $16.9 million last year. The loss includes a non-cash, pre-tax goodwill impairment charge of $36.8 million arising from a revaluation of goodwill associated with Blyth’s North American wholesale businesses.
The company also reported a loss of $68.6 million during the second quarter on the discontinued operations of Edelman, Euro-Decor, Gies and Colony, Blyth’s European wholesale home and seasonal decorations companies and candle businesses. The loss primarily reflects impairment charges related to Gies and Colony. Subsequent to the end of the second quarter, the Gies business was sold.
Net loss for the quarter was $89.4 million versus net earnings of $4.2 million a year earlier. Net sales for the six months ended July 31, were $542.9 million compared to $545.1 million reported for the same period a year ago.
Blyth, Inc. Reports Second Quarter Sales and Earnings
Published October 4, 2006
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