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Church & Dwight's Income Up Q2 2011
Posted: August 4, 2011
Church & Dwight Co., Inc. reported net income for the quarter ended July 1, 2011 of $82.6 million, compared to last year's reported net income of $74.3 million. Reported net sales for the second quarter increased 5.3% to $674.9 million.
"We are pleased with our solid second quarter business results in what continues to be a difficult economic environment," said James R. Craigie, chairman and CEO, Church & Dwight. "The organic sales increase of 3.3% met the company's expectations of 3–4% organic sales growth for the quarter. While category consumption continues to be weak in the U.S., we increased share on five of our eight power brands in the quarter."
Second quarter organic sales increased by 2.1%, driven, in part, by higher sales of Nair depilatories. On June 28, 2011, the Church & Dwight completed the acquisition of the Batiste brand of dry shampoo from Vivalis in the U.K., and it will facilitate Church & Dwight's achievement of economies of scale in its important U.K. operation.
"Volume growth projections continue to be strong despite the weak economy and aggressive competitive trade spending in our categories," said Craigie. "For the first half of the year, we have gained share on five of eight of our power brands. We expect to maintain or improve this market share growth during the balance of the year due to two key factors: 1) excellent customer response to our new products which are capturing solid distribution gains across many of our key brands, and 2) our commitment to increasing marketing spending for the year in support of our power brands, which will continue in the second half of 2011."