Newell Brands, parent company of Rubbermaid Commercial Products, has reported third-quarter net sales of US$2.8 billion, up 3.3 per cent from the same quarter last year.
Newell’s normalised net income rose to $231 million, or $0.54per share, down from $356 million, or $0.84 per share, a year earlier.
The company’s commercial solutions division posted net sales of $486 million, a decline of 9.2 per cent from $535 million in the prior year.
Newell attributed the dip in sales to shifts in consumer demand from the ongoing COVID-19 pandemic and elevated prior year results.
“We continued to execute very well throughout the third quarter and our results reflect the effectiveness of our strategy, as well as the resilience and agility of our operating model. Strong consumer demand, supported by innovation, fuelled core sales growth of 3.2 per cent, at the high-end of our evergreen target, on top of a difficult year-ago comparison of 7.2 per cent,” said Ravi Saligram, Newell Brands president and CEO.
“While we are taking action to address the significant inflationary pressures and supply chain bottlenecks, we are also advancing our strategic priorities, by continuing to reduce complexity, capitalising on the international opportunity, and building operational excellence throughout the organisation. I am confident the company has a long runway for value creation, as we position it for sustainable and profitable growth, while building competitive advantage.”
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