Spectrum Brands Holdings Inc. SPB reported Friday a wider than-expected fiscal first-quarter loss and cut its full-year sales growth outlook, citing lower consumer demand and continued heavy inventory levels at retail. The stock was still inactive in premarket trading. The home essentials and pet care company swung to a net loss of $20.9 million, or 51 cents a share, for the quarter to Jan. 1, from net income of $8.2 million, or 20 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 32 cents was wider than the FactSet loss consensus of 29 cents. Sales fell 5.8% to $713.3 million, below the FactSet consensus of $754.9 million. Home and personal care sales fell 4.0% to $364.4 million, global pet care sales were down 8.2% to $277.5 million and home and garden sales declined 5.2% to $71.4 million. For fiscal 2023, the company now expects sales to be “flat” with 2022, compared with previous guidance of an increase in the “low single-digit” percentage range. The stock has soared 29.7% over the past three months while the S&P 500 SPX has edged up 3.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.