Jarden Corp. (NYSE:JAH), parent to Marmot, K2 and Coleman, reported its first-quarter sales down 8.7 percent as its fishing products got caught up by the Western Port delays, while its wintersports sales growth was subdued on the heels of a stronger fourth quarter.
First-quarter 2015 sales for the outdoor group came in at $624.9 million with operating profit of $19.1 million versus $684.1 million and an operating profit of $36.3 million a year ago.
“We were disappointed by the Q1 results in outdoor, but it really was a timing matter,” said Jarden CEO James Lillie. “We expect 3 percent-plus growth for outdoor in 2015. This quarter doesn’t make the year.”
Jarden’s wintersports first-quarter sales were up, but tempered after consumers snatched up much of the inventory during the fourth quarter, Lillie said. The company also was conservative with its production numbers this past year following some manufacturing changes. That, however, “bodes well for the back half of 2015,” Lillie said, as retailers will be looking to restock their depleted inventory for next winter.
Coleman sales were flat as spring gets off to a slower start for the second year in a row, and Lillie pointed out that summer might be delayed as well as many schools, particularly in the Northeast, will have to tack on an extra week to the school year to make up for the plentiful snow days this winter.
Overall, Jarden, which has a diversified portfolio of consumer goods, saw its first-quarter revenues flat at $1.73 billion and reported a net loss of $55.5 million. That was expected after some realignments and adverse foreign exchange rates, officials said. Minus those effects and acquisitions and sales, the company estimated its first-quarter organic revenue growth at 4.6 percent.