The increase in net sales was largely driven by increased consumption as the category began to recover from the prior year’s COVID-19 related declines. Feminine care segment profit increased $1.7 million, or 14.2 per cent as compared to the prior year period, driven by higher gross margin, partly offset by increased A&P spending, the company said in a press release.
“This was a strong quarter highlighted by double digit organic net sales growth that exceeded our expectations, gross margin accretion, and meaningful increases in adjusted EPS and free cash flow. Additionally, we were encouraged to see strong consumption growth in our core wet shave and sun care categories in North America, although COVID-19 continued to negatively impact many of our international markets. Our organisation continued to execute well against our strategic priorities, delivering $19 million in gross Project Fuel savings in the quarter, helping to offset significantly higher commodity and other input costs. Importantly, our results are underpinned by meaningful investments in our brands and products, innovation and increased digital engagement and activation, all of which are important catalysts to our sustained long-term growth,” said Rod Little, Edgewell’s president and chief executive officer.
The net sales of Edgewell Personal Care Company, a global company with over 25 market-leading brands in shave, grooming, sun, skin and feminine care were $573.7 million in the third quarter, an increase of 18.6 per cent, as compared to the prior year period. The sales of feminine care segment rose $4.6 million, or 6.7 per cent, from the prior year period.#
“With the strong results this quarter, we remain well-positioned to meet our organic sales outlook for the full fiscal year and we are increasing our annual outlook for adjusted EPS and adjusted EBITDA. Our teams are focused on achieving our objectives for fiscal 2021 while also advancing our long-term strategy to transform Edgewell into a growing consumer centric company delivering sustainable top line growth and predictable profit and cash generation,” added Little.
Fibre2Fashion News Desk (RR)