Newell Rubbermaid buckles down in Q1
Dealing with the adverse impacts of a harness buckle recall on some of its car seats and the weather-related slowdown in its home business, Newell Rubbermaid sales slipped 0.7% in the first quarter to $1.23 billion.
“Strong core sales growth in Writing offset declines in Home Solutions and Baby, yielding normalized earnings per share of $0.35, flat with last year’s results,” said Michael Polk, CEO.
Net income declined 2.4% to $52.9 million.
Tools segment net sales were $187.8 million, a 0.4% decline compared with the prior year. Core sales increased 2.4% driven by strong volume and share growth on Lenox in North America and Irwin in Europe.
Polk expects “the company’s core sales and earnings per share growth to accelerate through the balance of the year as we significantly increase advertising and promotion investment levels in support of our brands and innovation.”
The company’s long list of consumer brands includes Sharpie, Paper Mate, Irwin, Lenox, Rubbermaid, Levolor and more.
NLBMDA raises voice on E-fairness
The National Lumber and Building Material Dealers Association is calling on pro dealers to tell Congress that the industry needs "E-fairness."
In an NLBMDA alert, the association raised the volume on its call for the approval of the Marketplace Fairness Act, which is making the rounds in the House of Representatives. The legislation would level the playing field between local retailers like lumberyards and out-of-state Internet retailers.
"Online-only retailers are exploiting a massive loophole by not collecting sales tax at the point of purchase despite the fact that the tax is still due," the alert reads. "The Marketplace Fairness Act helps fix this antiquated system and makes it fairer so the same rules that apply to local retailers apply online."
The NLBMDA encouraged dealers to contact their representatives on the measure. For more information, visit dealer.org.
The Marketplace Fairness Act has already passed in the Senate with bipartisan support. Last spring, the Senate overwhelmingly approved the bill by a vote of 69 to 27.