12.03.10
Blyth, Inc. reported that net sales for the third quarter ended Oct. 31, 2010 declined approximately 3% to $215.5 million.According to the company, sales growth in ViSalus Sciences and in the Midwest-CBK business was more than offset by lower sales volume in PartyLite, in the Catalog and Internet segment.
However, operating profit for the third quarter increased 9% to $5.7 million.
Commenting on the company's financial results, Robert B. Goergen, Blyth's chairman of the board and chief executive officer, said, "Sales growth was below management's expectations during the third quarter, with few exceptions.Nevertheless, we continue to experience the positive impact of restructuring and gross margin improvement initiatives throughout Blyth's businesses, resulting in year-over-year profit improvement despite sluggish sales."
Goergen continued, "In Europe, consumer confidence is under pressure in the current economic environment.Consequently, it has taken more time for PartyLite's promotional strategy to gain traction in certain European markets.In North America, the economic reality for many of our typical customers continued to make booking and holding shows challenging for PartyLite independent sales Consultants during the third quarter."
Net sales for the nine months ending Oct. 31, 2010 declined approximately 6% to $597.7 million.
However, operating profit for the third quarter increased 9% to $5.7 million.
Commenting on the company's financial results, Robert B. Goergen, Blyth's chairman of the board and chief executive officer, said, "Sales growth was below management's expectations during the third quarter, with few exceptions.Nevertheless, we continue to experience the positive impact of restructuring and gross margin improvement initiatives throughout Blyth's businesses, resulting in year-over-year profit improvement despite sluggish sales."
Goergen continued, "In Europe, consumer confidence is under pressure in the current economic environment.Consequently, it has taken more time for PartyLite's promotional strategy to gain traction in certain European markets.In North America, the economic reality for many of our typical customers continued to make booking and holding shows challenging for PartyLite independent sales Consultants during the third quarter."
Net sales for the nine months ending Oct. 31, 2010 declined approximately 6% to $597.7 million.