Newell Rubbermaid reaffirms full-year guidance
Newell Rubbermaid reported its second-quarter financial results Thursday morning, which pointed to strong progress in line with the company’s full-year outlook for 2014.
Net sales for the three months ended June 30 were $1.52 billion, up 3.1% from last year’s net of $1.47 billion.
Net income came in at $150.6 million for the quarter, up 37.2% from 2013’s income of $109.8 million.
"We have delivered very strong second-quarter results across all key metrics," said Michael Polk, Newell Rubbermaid’s president and CEO, who pointed to an especially strong performance in Writing, Tools and Commercial Products (which drove core sales by 4.6%). "These strong results give us increased confidence that our strategy of accelerating advertising and promotion in support of our brands is working. In fact, we now believe we are tracking toward the high end of our normalized EPS guidance range of $1.94 to $2.00 for the full year."
Also of note was a reported gross margin of 40.0% and a normalized gross margin of 40.3%, up 80 basis points from last year. Operating margin was also up year-over-year to 14.0% from 12.6%.
Ultimately, Newell Rubbermaid reaffirmed its full-year guidance of core sales growth of 3 to 4%, normalized operating margin growth of up to 40 basis points, normalized EPS of $1.94 to $2.00, and operating cash flow between $600 million and $650 million.
Ted Decker is Home Depot’s new EVP merchandising
The Home Depot has promoted Ted Decker to the position of EVP merchandising, where he will take the helm of the company’s merchandising strategy and operations. Effective Aug. 4, Decker will transition from his most recent role as SVP retail finance and begin reporting to Craig Menear, president U.S. Retail.
Decker has been with the company for 14 years, during which time he played an integral role in the company’s merchandising transformation and led the implementation of new pricing and analytics processes.
"Ted’s business acumen and retail experience have enabled him to serve as a broad contributor to our success in the marketplace over the past several years," said Menear. "His leadership and strategic expertise make him a perfect fit to lead our merchandising team going forward."
Prior to joining The Home Depot in 2000, Decker held various positions in strategic planning, business development, finance and treasury at Kimberly-Clark Corp. and Scott Paper Co.