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IN THE NEWS
Blyth, Inc. Reports 1st Quarter Sales and Earnings
2008-06-05 | 09:43
Net sales drop 8% due to economy, costs
For the first quarter ended April 30, 2008, net sales at Blyth, Inc. declined approximately 8% to $249.8 million.
Operating profit dropped 7% to $10.0 million, reflecting lower sales and profits within PartyLite U.S. and higher seasonal losses from most of Blyth's wholesale and catalog/Internet businesses.
Commenting on the company's financial results, Robert B. Goergen, Blyth's chairman of the Board and chief executive officer, said, “The continued deterioration of the macroeconomic environment and its impact on consumer spending had an immediate and decisive impact on sales across Blyth's U.S. businesses. Moreover, cost increases for commodities such as wax and increased paper, postage and freight expenses made achieving our first quarter profit targets very challenging.''
Mr. Goergen continued, “Despite these obstacles, we are very pleased that PartyLite Europe continues to grow, with the French and Nordic markets being particular bright spots. Moreover, our Sterno business turnaround is well under way, and they are on track to report a strong year.''
Operating profit dropped 7% to $10.0 million, reflecting lower sales and profits within PartyLite U.S. and higher seasonal losses from most of Blyth's wholesale and catalog/Internet businesses.
Commenting on the company's financial results, Robert B. Goergen, Blyth's chairman of the Board and chief executive officer, said, “The continued deterioration of the macroeconomic environment and its impact on consumer spending had an immediate and decisive impact on sales across Blyth's U.S. businesses. Moreover, cost increases for commodities such as wax and increased paper, postage and freight expenses made achieving our first quarter profit targets very challenging.''
Mr. Goergen continued, “Despite these obstacles, we are very pleased that PartyLite Europe continues to grow, with the French and Nordic markets being particular bright spots. Moreover, our Sterno business turnaround is well under way, and they are on track to report a strong year.''
