Spectrum Brands Guides for Up to Low-Single Digit Revenue Growth in FY23

By Sabela Ojea

Spectrum Brands Holdings Inc. said Friday that it expects to post a rise in sales for fiscal 2023 amid plans to further reduce inventory levels.

The maker of consumer-products and home-essentials such as Kwikset locks and Hot Shot bug spray said that, even though it expects to operate in a difficult macro-economic environment, it anticipates an up to low-single digit rise in sales for the financial year ending Sept. 30, 2023.

Regarding its inventory reduction plans, the company said it expects to reduce it by more than $200 million and to return to free cash flow generation during fiscal 2023.

Additionally, the company said it expects to win the Justice Department antitrust lawsuit to block Assa Abloy AB's plans to buy the company's hardware and home-improvement segment for $4.3 billion in cash.

Spectrum Brands therefore expects to collect $4.3 billion of cash by no later than June 2023, Chairman and Chief Executive David Maura said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 18, 2022 07:14 ET (12:14 GMT)

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