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Sales Down at Energizer

November 5, 2013

Fiscal 2013 sees 2.2% drop in net sales.

Energizer Holdings, Inc. posted results for the fourth fiscal quarter and full fiscal year 2013, which ended Sept. 30, 2013. For 2013, net sales fell 2.2% to $4.5 billion. However, the company CEO sees 2013 as a positive.
"Fiscal 2013 was another successful year for Energizer," said Ward M. Klein, chief executive officer.  "Adjusted net earnings per diluted share hit a record $6.96, up 12.3% versus the previous year, the second consecutive year of double digit adjusted net earnings per share growth in spite of unprecedented competitive activity, soft category dynamics, and currency headwinds.  We also delivered on our commitment to return cash to shareholders by increasing our quarterly dividend 25% to $0.50 per share.
“Operationally, we made significant progress with our enterprise-wide restructuring project, which helped drive bottom line growth and enabled us to make investments in our businesses.  In addition, we exceeded our working capital initiative goals ahead of schedule.”
Klein added, "Looking toward fiscal 2014, integrating the recently acquired feminine care brands, restoring top-line growth in Personal Care, expanding distribution in Household Products, and continuing to execute against the restructuring and working capital projects will remain top priorities.  The benefits we realize from the restructuring project and the working capital initiative are expected to provide additional means to drive shareholder value, support investments in our businesses and continue earnings growth.  We expect top-line growth in our Personal Care business, but net sales are estimated to remain below fiscal 2013 levels within Household Products."
In line with expectations, net sales for the fourth quarter were down 6.7% to $1.06 billion, primarily driven by customer losses in the Household Products segment and unfavorable foreign currency rates.  These declines were partially offset by volume and pricing growth in the Personal Care segment. 
In other news, Energizer Holdings, Inc. named James C. Johnson to its Board of Directors effective Nov. 3, 2013. He is the General Counsel of Loop Capital Markets LLC.  He also currently serves as a Director on the Boards of HanesBrands Inc., where he is the Chair of the Governance and Nominating Committee, and Ameren Corporation, where he is the Chair of the Nominating and Corporate Governance Committee. 
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