Fortune Brands Net Sales Up 13%
Fortune Brands, a producer of home and hardware products, office products, golf equipment, and spirits and wine, has reported net sales of $1.63bn for the first quarter of fiscal 2010, an increase of 13% compared to $1.44bn for the same quarter last year.
The company said that increase in net sales was reflects sales gains for spirits and home products. Further the company said that sales also benefited from market share gains, improving consumer markets, rebuilding of inventories by channel partners in certain home products categories, foreign exchange and favorable year-over-year comparisons.
Operating income for the first quarter was $156.4m, an increase of $158.5% compared to $60.5m in the previous year quarter. Net income for the quarter was $74.4m or $0.47 per diluted share compared to $8.9m in the corresponding quarter last year.
Bruce Carbonari, chairman and chief executive officer of Fortune Brands, said: “Our strategic investments in spirits helped drive growth for our brand portfolio in all global regions, including share gains in key markets for brands such as Jim Beam, Maker’s Mark and Sauza.
For the year 2010, the company is targeting to deliver diluted EPS before charges/gains in the range of $2.50-2.80. The company’s full-year target range reflects the impact of factors including raw materials costs, foreign exchange and continued strategic investments. The company’s diluted EPS before charges/gains for 2009 was $2.43.
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