Scotts Miracle-Gro Q1 sales rise
Scotts Miracle-Gro posted first-quarter net sales of $205.8 million, up 3% from $199.6 million during the same quarter a year ago.
Sales in the Global Consumer segment in the quarter ended Dec. 29, 2012, were up 3% to $153.2 million, compared with $149.1 million a year ago, attributable to increased volume during the quarter.
Scotts LawnService sales were up 19% to $44.8 million in the first quarter, compared with $37.6 million during the same quarter a year ago, primarily due to a 6% increase in customer count and a weather-driven delay of sales from the fiscal fourth quarter of 2012 to the fiscal first quarter of 2013
"Continued consumer engagement, coupled with solid execution, leaves us well-positioned for the 2013 lawn and garden season," said Jim Hagedorn, chairman and CEO. "We are on plan with our initiatives designed to drive meaningful and sustainable growth in earnings and cash flow, while continuing to maintain a strong consumer focus."
The loss from continuing operations was $68.3 million, compared with a loss of $73.1 million, during the same quarter a year ago. The adjusted loss from continuing operations for the first quarter of 2013 was $68.5 million, which excludes impairment, restructuring and other charges. The company has historically reported a loss in its first quarter, due to the seasonal nature of the lawn and garden category.
Scotts continues to expect company-wide net sales to increase by about 1% to 3% in fiscal 2013 on flat unit volume, modest price increases in its core business and the continued strong performance of Scotts LawnService.