Blyth Forth Quarter Profit Hit by Restructuring Charges

Candlemaker Blyth Inc. said four quarter profit declined, but the fall was less than expected because it took a smaller charge for job cuts and facility closures.

The company, which announced a restructuring in January to reduce costs and scale back some product lines, said net income in the fourth quarter ended Jan. 31 totaled $20.7 million, down from $22.9 million a year earlier.

Greenwich, CT-based Blyth took $23 million in restructuring and impairment charges in the fourth quarter, less than the $25 million to $27 million it had previously expected.

Sales in the quarter increased 28% to $486.4 million, helped by acquisitions and improvement in several of the company’s existing businesses, Blyth said.