Newell Brands reports growth at Pure Fishing
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Pure Fishing, which escaped the cull of companies by Newell Brands, enjoyed third quarter sales growth under its new owner.
However, its performance was more than offset by problems at its stablemate in the Outdoor Solution sector, Coleman. Newell Brands’ $1 billion-plus flagship brand suffered declines which resulted in a 3.1% decrease in sales among the companies staying with Newell.
Overall net sales of all businesses currently in the Outdoor Solutions sector were $731.9 million, an increase of 12.1%.
All brands within Pure Fishing’s portfolio will be staying at Newell despite a pending clear-out of other Jarden Corporation companies which are deemed surplus to requirements following the $15.4 billion takeover.
Newell Brands reported a total net sales increase of 158.5% to $3.95 billion and a core sales increase of 3%.
“We delivered a very good performance in the third quarter, while simultaneously driving substantial organisational and portfolio change,” said Newell Brands Chief Executive Officer Mike Polk. “Our strong savings and cost synergies programmes are now in full flight which, when coupled with growth in the underlying business, are driving exceptional normalised earnings per share and operating cash flow growth.
“With very strong year to date results, we have raised our 2016 guidance for both core sales growth and normalised earnings per share into the top half of our previous guidance ranges.”