SEC Filings
10-Q | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HRG GROUP, INC. filed this Form 10-Q on 02/07/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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in organic net sales in global pet supplies, global auto care, and personal care product categories. These decreases were partially offset by the increase in organic net sales in consumer batteries, hardware and home improvement, small appliances and home and garden control product categories. Organic net sales excludes the impact of foreign currency translation and is considered a non-GAAP measurement (See “Non-GAAP Measures” section below for reconciliation of net sales to organic net sales). Consolidated net sales by product category for each of those respective periods are as follows (in millions):
The following table details the principal components of the change in the Consumer Products segment net sales from the Fiscal 2016 Quarter to the Fiscal 2017 Quarter (in millions):
Consumer batteries organic net sales increased $12.4 million for the Fiscal 2017 Quarter compared to the Fiscal 2016 Quarter primarily driven by an increase in EMEA of $11.2 million from promotional activity of branded alkaline batteries, plus expansion with new and current customers for branded and private label alkaline batteries and hearing aid and specialty batteries; and increases in APAC and LATAM of $1.5 million and $0.4 million, respectively; offset by a reduction in NA of $0.6 million from a discontinued private label product and reduced retail inventory on lighting products, offset by strong holiday point of sale (“POS”) on branded alkaline batteries. Hardware and home improvement products organic net sales increased $6.3 million for the Fiscal 2017 Quarter compared to the Fiscal 2016 Quarter, primarily attributable to increases in security products of $7.2 million from higher volumes through the introduction of new products with key retailers, promotional sales through e-commerce channels, increased volumes with non-retail wholesale and builder channels, and the introduction of Tell Manufacturing, Inc. product into retail channels, partially offset by the exit of lower margin business; lower hardware sales of $0.7 million driven by the exit of lower margin business offset by incremental retail volumes and new products introduction; and a marginal decrease in plumbing of $0.2 million. Overall, net sales were adversely impacted by $4.0 million due to product exits that were primarily associated with branded products that was transitioned under a third party license agreement. Small appliances organic net sales increased $4.0 million for the Fiscal 2017 Quarter compared to the Fiscal 2016 Quarter primarily attributable to increases in NA of $8.7 million from incremental product listings and volumes with key retailers, incremental promotional sales, and continued expansion in other distribution channels including e-commerce; and increases in EMEA of $0.9 million from market expansion; offset by a decrease in APAC of $2.4 million from lower promotional activity and a decrease in LATAM of $3.2 million from lower POS within the region. Home and garden control products organic net sales grew $2.1 million primarily attributable to an increase in household insect control products of $3.5 million driven by stronger POS at major retailers, partially offset by decreases in lawn and garden control products and repellent products of $0.9 million and $0.5 million, respectively, due to timing of seasonal inventory sales with retailers. 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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