05.09.17
Newell Brands’ first quarter 2017 net sales rose 148.4% to $3.3 billion with core sales growth of 2.5%. The Hoboken-based company, which owns Jarden/Yankee Candle, completed the acquisition of WoodWick fragranced candle business.
“Our first quarter results provide strong evidence of our team’s capacity to perform while we transform,” said Newell Brands CEO Michael Polk. “We delivered competitive core sales growth of 2.5 percent despite significant organization and portfolio change. Our core sales results were broad based with growth in all four regions and across four of five segments. Our international growth coupled with very strong e-commerce results more than offset the continuing impact of inventory de-stocking in U.S. mass channels. Our operating margin was well ahead of plan driven by strong cost synergies and stringent discretionary cost management. And we further deleveraged, paying down over $725 million of debt in the quarter, bringing our cumulative debt repayment since the Jarden transaction on April 15, 2016 to $2.8 billion."
In order to align its reporting with the company’s new strategy and organization structure, Newell Brands is reporting its results in five segments: Live, Learn, Work, Play and Other. The home fragrance business is part of the company’s new “Live” segment.
“Our first quarter results provide strong evidence of our team’s capacity to perform while we transform,” said Newell Brands CEO Michael Polk. “We delivered competitive core sales growth of 2.5 percent despite significant organization and portfolio change. Our core sales results were broad based with growth in all four regions and across four of five segments. Our international growth coupled with very strong e-commerce results more than offset the continuing impact of inventory de-stocking in U.S. mass channels. Our operating margin was well ahead of plan driven by strong cost synergies and stringent discretionary cost management. And we further deleveraged, paying down over $725 million of debt in the quarter, bringing our cumulative debt repayment since the Jarden transaction on April 15, 2016 to $2.8 billion."
In order to align its reporting with the company’s new strategy and organization structure, Newell Brands is reporting its results in five segments: Live, Learn, Work, Play and Other. The home fragrance business is part of the company’s new “Live” segment.
