Personal products company Blyth Inc. (BTH), Wednesday reported a lower first-quarter profit, hurt by a 14 percent decline in sales as demand for its health and home decor products waned. Looking ahead, the company slashed its earnings outlook for fiscal year 2013, citing lower-than-expected sales at one of its businesses.
Blyth shares tumbled near 15 percent in morning trade on the New York Stock Exchange, following the announcement of results.
Blyth operates as a direct to consumer marketing company, with operations across three segments: Health & Wellness, Candles & Home Decor, and Catalog & Internet.
The Greenwich, Connecticut-based company reported quarterly net income of $2.6 million or $0.16 per share share, compared with $7.5 million or $0.43 a share last year.
Net sales for the quarter declined to $233 million from $270 million in the prior-year quarter.
Results were impacted by a slump at its direct selling unit, ViSalus, and, to a lesser extent, at PartyLite. Meanwhile, sales at Miles Kimball reported improvement.
Among segments, Health & Wellness segment net sales fell 24 percent from a year ago, and Candles & Home Decor sales were down 9 percent. Net sales at Catalog & Internet segment gained 12 percent.
For fiscal year 2013, Blyth now expects earnings of $1.30 to $1.45 per share, down from a prior range of $1.70 to $1.85 per share.
The guidance reflects the decline in ViSalus's sales projections and the impact of its investment spending on the lower sales base. Blyth, which has been making capital investments at ViSalus, said the business has good growth potential outside North America.
During the first quarter, Blyth repurchased over 0.59 million shares and currently has a balance of 1 million shares in repurchase authorization.
Blyth's stock is trading at $14.48, down $2.51 or 14.80%, on a volume of 0.42 million shares.
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