Home fragrance and decorative accessories provider Blyth, Inc. (BTH), Monday reported an increase in first quarter profit, absent certain charges recorded in the prior-year quarter. Revenue, however, dropped from a year ago, hurt by weak consumer spending and increased promotional sales. Blyth also expressed confidence with its previously provided 2010 earnings forecast.
For the first quarter, net sales attributable to Blyth were $2.44 million or $0.27 per share, compared to $1.16 million or $0.13 per share for the prior year.
Last year's first quarter included a pre-tax and after tax charge of $5.2 million or $0.57 per share associated with a non-recurring investment write-off of investment in RedEnvelope. Last year results also included costs related to relocation of the Eklin distribution center totaling $0.02 per share.
Excluding items, earnings would have been $2.79 million or $0.31 per share, compared to $6.49 million or $0.71 per share in the year-ago quarter.
Net sales for the quarter dropped 14% to $214.72 million from $249.85 million in the prior-year quarter. International sales represented 42% of total sales, compared to 41% in the prior year. On a local currency basis, the decline was around 7%.
In the Direct Selling segment, net sales declined 12% to $148.5 million, while in the Catalog & Internet segment, net sales decreased 12% to $32.4 million. In the Wholesale segment, first quarter net sales were down 24% to $33.8 million.
Commenting on the financial results, Robert Goergen, Chief Executive officer said, "Consumer spending during the first quarter was weak and was overwhelmingly value-driven as evidenced by sales trends in each of our North American businesses. In Europe, however, our sales increased 7% in local currency as consumer spending continued to hold up better."
Operating profit was $5.79 million, compared to $9.96 million in the comparable quarter last year. Other expenses dropped to $1.16 million from $4.79 million in the corresponding quarter a year ago.
In a separate release, looking ahead to fiscal 2010, the company said it still continues to expects non-GAAP net income in a range of $3.00 to $3.30 per share. Including $0.10 per share adjustments, the company expects earnings in a range of $2.90 to $3.20 per share.
BTH closed Monday's regular trading at $35.04, up $0.22 or 0.63%, on a volume of 0.10 million shares. In after-hours, the stock dropped $0.58 or 1.66%, on a volume of $34.46.
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