Newell Brands topped revenue expectations and said its Bed Bath & Beyond exposure is minimal and that it will raise prices by roughly 10% on some products.
Shares of Newell Brands Inc. rose Friday after the parent of consumer brands including Sharpie, Paper Mate and Graco topped first-quarter revenue expectations and said that while the headwinds it faced last year are continuing, it expects a “much stronger” performance in the coming year.
President Chris Peterson, who will succeed Ravi Saligram as chief executive officer in mid-May, addressed the elephant in the room on the earnings call with analysts by touching on Newell’s exposure to Bed Bath & Beyond Inc. BBBY , the home-goods retailer that filed for bankruptcy this week. Newell’s stock rose 1.6% in afternoon trading. That reversed an initial premarket loss of as much as 2.2% soon after results were reported and an intraday loss of as much as 0.7% after the opening bell.
“With [first-quarter] actuals now in hand, along with our [second-quarter] and full-year guidance, it becomes self-evident that we are expecting a much stronger top and bottom line during the back half of the year versus the front half,” Chief Financial Officer Mark Erceg said on the earnings call. The price increases will be on roughly 30% of the company’s U.S. business, concentrated in the Home & Commercial Solutions segment. That segment includes brands such as Rubbermaid, Yankee Candle, Oster, Sunbeam, Calphalon and Crockpot.
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