August 8, 2018

Schick parent Edgewell's 3Q net, sales fall

Personal care products maker Edgewell, parent to Shelton-based razor giant Schick, saw its net earnings drop during the fiscal third quarter, a decrease fueled partly by lagging sales in its wet shave and feminine care product lines.

For the period ended June 30, Edgewell reported net earnings of $49.2 million, or 91 cents per share, compared to $63.7 million, or $1.11 per share, during the same period in 2017. The figures are adjusted for one-time gains and costs.

The company posted net sales of $620.6 million for the quarter, a 2.7 percent drop from the same period in 2017. Edgewell attributed the decline mostly to lower wet shave division sales in North America and Asia Pacific, primarily due to trade inventory reductions in Japan.

Net sales also declined in the company's feminine care segment, which includes consumer brands such as Stayfree, Playtex and OB, the company said.

The company said it is in the midst of a streamlining initiative, dubbed Project Fuel, which is expected to save $225 million annually by 2021.

The company, which also owns sun care brands Hawaiian Tropic and Bulldog, said it will use the savings to build its brands and offset headwinds in the personal care products industry.

"We are working full speed ahead to take the actions needed to drive strong results and have already made significant progress," Chief Financial Officer Rod R. Little said in a statement. "Through Project Fuel, we are building a highly capable organization that is simpler, faster, more accountable and positioned to win."

Reach Natalie Missakian at news@newhavenbiz.com

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