Posted May 3, 2011
Newell Rubbermaid sales fall slightly
Newell Rubbermaid reported first quarter sales of $1.30 billion, a decline of 0.3 percent compared with the prior year.
Sales in the Tools, Hardware and Commercial Products segment, which includes Irwin Industrial Tools, increased 1.5% to $403.7 million.
Net income was $75.7 million, or 25 cents per diluted share, compared to $58.4 million, or 19 cents per diluted share, in the prior year.
"First quarter results represent a solid start to the year, especially our earnings and gross margin performance," said Mark Ketchum, president and chief executive officer. He added that topline performance fell short of expectations driven mainly by "consumer trade down behavior" and reduced promotional activity affecting two key businesses. "We are taking steps to respond to these trends by introducing additional value priced items and restoring promotional activity behind our new product launches," he said.
