Blyth Q2 Flat
Intl. Sales, Foodservice Bolster Flagging Home Décor
By Staff -- Gifts & Decorative Accessories, 9/5/2008 8:58:00 AM
Greenwich, CT — Blyth Inc., owner of the CBK, Colonial Candle and Seasons of Cannon Falls brands, reported an increase of 1 percent in net sales for the second quarter. Net sales amounted to $236.8 million, compared to $234.9 million for the prior year period. Excluding the Blyth HomeScents International North American mass channel candle business, divested in the first quarter of last year, second quarter net sales would have increased 3 percent, which the company said reflects strong growth in PartyLite's international markets and growth in the wholesale foodservice business.In the wholesale segment, which includes the gift brands, second quarter net sales were $56 million, versus $64.5 million for the prior year. Excluding BHI, second quarter wholesale segment net sales would have declined 1 percent, driven by lower sales of home decor products and seasonal decorations.
Robert B. Goergen, Blyth's chairman and CEO, said in a statement, "Sales volume declined across most of our U.S. business units as consumers scaled back their purchases. Higher gasoline and food prices deterred spending, resulting in lower volume in our direct-to-consumer businesses. Traffic at the wholesale summer gift shows was also notably lower. Moreover, price increases implemented for certain product lines did not offset higher product promotion, commodity and transportation costs."
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