Performance of aquatic portfolio softens Spectrum Brands’ revenue
The Wisconsin-based pet care company posted 6.2% less sales in the last quarter.
Spectrum Brands’ global pet care revenue was $272.3 million (€248.4M) in the quarter to 2 July 2023. In the same period of 2022, the portfolio accounted for $290.2 million (€264.8M)
According to the company, the decrease implied the “continued softness” in the global aquatics marketplace.
Strong dog and cat food sales led to the growth of the pet category in Europe, the Middle East and Africa (EMEA) and Latin America regions. Prior year price increases and new positive pricing adjustments in the EMEA region also drove sales.
North America saw a decline in the category due to “aggressive portfolio management which resulted in the decision to exit several non-strategic categories.”
Operating income for the quarter increased by 92% from $19.9 million (€18.21M) to $38.2 million (€34.9M).
For the nine-month period until July 2023, Spectrum Brands’ pet care segment accounted for $846.5 million (€773.2M) in revenue, a 4.6% less.
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