Pure Fishing ‘well into sale process’ says Newell Brands
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Newell Brands, owner of the multi-brand Pure Fishing tackle business, has announced sales of $2.2 billion for the second quarter of this year, compared to $2.5 billion for the same period last year. Operating income was $84.2 million compared to $92.3 million.
Pure Fishing was made available for sale in May this year as Newell announced its Accelerated Transformation Plan. In announcing the latest results, President and CEO Michael Polk said the company was “well into the sale processes on all other business held for sale.”
Lost sales from divestitures completed in 2017, a decline in core sales, retailer disruption following the liquidation of Toys ‘R’ Us and the new revenue recognition standard were among factors impacting on Q2 sales.
“Newell Brands drove the Accelerated Transformation Plan into action in the second quarter, beginning a period of significant change to both our portfolio and organisation,” said Polk.
As from June this year, Newell will report its financial results in three segments – Food & Appliances, Home & Outdoor Living and Learning & Development