Scotts Q1 shows improvement
Scotts Miracle-Gro reported an adjusted loss from continuing operations for its first quarter of $65.4 million, which is an improvement of $3.1 million, compared with an adjusted loss of $68.5 million last year.
Net sales in the three months ended Dec. 28, 2013, totaled $196.4 million, down 5% from $205.8 million during the same quarter a year ago. The company pointed to the timing of pre-season shipments to retailers for the decline.
Sales in the Global Consumer segment were $145.3 million during the quarter, compared with $153.2 million a year ago. Scotts LawnService sales were up 3% to $46.2 million in the first quarter, compared with $44.8 million in the year-ago period.
"While most of North America is gripped by winter, our sales, marketing and supply chain teams are working diligently to ensure a strong start to the lawn and garden season," said Jim Hagedorn, chairman and CEO. "In markets where gardening activity is occurring, we see solid levels of consumer participation, which gives us continued confidence in our plans for the year."
The operating loss for the Global Consumer segment was $67.3 million during the first quarter, compared with a loss of $68.7 million last year. Scotts LawnService reported operating income of $2.6 million, compared with a loss of $0.9 million during the same quarter a year ago.
The company expects company-wide net sales to increase by 2% to 3% in fiscal 2014.