08.05.21
Edgewell Personal Care’s net sales were $573.7 million in the third quarter of fiscal 2021, an increase of 18.6%, as compared to the prior year period.
Excluding the positive impacts from the Cremo acquisition and from currency translation, organic net sales increased 12.5%, driven by strong Sun Care and Wet Shave performance across both North America and International markets, and in part reflecting the impact of cycling prior year COVID-19 related headwinds.
"This was a strong quarter highlighted by double digit organic net sales growth that exceeded our expectations, gross margin accretion, and meaningful increases in adjusted EPS and free cash flow,” commented Rod Little, Edgewell’s president and CEO. “Additionally, we were encouraged to see strong consumption growth in our core Wet Shave and Sun Care categories in North America, although COVID-19 continued to negatively impact many of our international markets.”
Wet Shave net sales increased $26.9 million, or 9.7%. Organic net sales increased $15.9 million or 5.7%, driven by on-going growth in Women's shave, both branded and private label, and higher consumption across the full category. By region, North America organic net sales increased 4.6% while International markets increased 6.6%. Wet Shave segment profit decreased $1.5 million, or 3.4%, as higher sales and gross profit, were offset by substantially higher A&P spending.
Sun and Skin Care net sales increased $58.3 million, or 42.6%, as compared to the prior year period. Organic net sales increased $40.4 million, or 29.5%. The increase in organic net sales was primarily driven by Sun Care growth of nearly 50%, reflecting a sharp recovery in consumption as compared to the heavily COVID-19 impacted prior year period in the U.S. market, as well as 17% organic net sales growth in Men's grooming. Sun and Skin Care segment profit increased $21.5 million despite increased A&P spend, driven by higher sales and gross profit.
Edgewell also updated its outlook assumptions for fiscal 2021. It expects reported net sales to increase mid-single digits and organic sales to increase low-single digits.
Excluding the positive impacts from the Cremo acquisition and from currency translation, organic net sales increased 12.5%, driven by strong Sun Care and Wet Shave performance across both North America and International markets, and in part reflecting the impact of cycling prior year COVID-19 related headwinds.
"This was a strong quarter highlighted by double digit organic net sales growth that exceeded our expectations, gross margin accretion, and meaningful increases in adjusted EPS and free cash flow,” commented Rod Little, Edgewell’s president and CEO. “Additionally, we were encouraged to see strong consumption growth in our core Wet Shave and Sun Care categories in North America, although COVID-19 continued to negatively impact many of our international markets.”
Wet Shave net sales increased $26.9 million, or 9.7%. Organic net sales increased $15.9 million or 5.7%, driven by on-going growth in Women's shave, both branded and private label, and higher consumption across the full category. By region, North America organic net sales increased 4.6% while International markets increased 6.6%. Wet Shave segment profit decreased $1.5 million, or 3.4%, as higher sales and gross profit, were offset by substantially higher A&P spending.
Sun and Skin Care net sales increased $58.3 million, or 42.6%, as compared to the prior year period. Organic net sales increased $40.4 million, or 29.5%. The increase in organic net sales was primarily driven by Sun Care growth of nearly 50%, reflecting a sharp recovery in consumption as compared to the heavily COVID-19 impacted prior year period in the U.S. market, as well as 17% organic net sales growth in Men's grooming. Sun and Skin Care segment profit increased $21.5 million despite increased A&P spend, driven by higher sales and gross profit.
Edgewell also updated its outlook assumptions for fiscal 2021. It expects reported net sales to increase mid-single digits and organic sales to increase low-single digits.