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Newell Brands Withdraws FY20 Outlook Amid COVID-19 - Quick Facts

While reporting financial results for the first quarter on Friday, consumer goods company Newell Brands (NWL) said it is withdrawing its previously announced full-year 2020 guidance and is not issuing quarterly guidance for the second quarter.

This is attributed to the uncertain and highly dynamic outlook for the global economy, as well as ongoing demand and supply chain disruptions amid the COVID-19 pandemic.

The company expect the second quarter to be a very challenging quarter. It is encouraged, however, by the pockets of strength it is seeing in the Food and Commercial businesses as well as recent point of sale trends in the Appliances & Cookware business in the U.S.

As a result of the challenges, Newell Brands experienced a significant negative impact on sales in March and April and expects this trend to continue through the second quarter. For context, in April, the company estimates it experienced a sales decline of approximately 25 percent.

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