2nd Quarter & 1st Half 2017 Results
Commenting on the First Half 2017 results, Bruno Bich, Chairman and Chief Executive Officer, said: “With a good Second Quarter performance, H1 2017 Net Sales were flat on a comparative basis. Supported by new product launches, the Stationery early Back-to-School sell-in was strong. Lighters continued to perform well in Europe and sell-in rebounded in the U.S.
In Shavers, Net Sales were driven by a solid performance in Europe and Developing Markets but down in North America, reflecting the continued highly competitive environment and disruption of the category in the U.S. As markets remain volatile for the balance of the year, coupled with recent signs of lower consumption in Brazil, we now expect to trend between 3% to 4% Full Year Organic Net Sales growth.
While we continue to invest for the long term, we are adjusting our 2017 Brand support due to market dynamics. Therefore, we expect the decrease in 2017 Normalized Income from Operations margin to be less than the – 100 basis points initially expected.”