Spectrum Brands posts Q4 gains

MIDDLETON, Wis. — Spectrum Brands posted net sales of $1.22 billion in Q4, a 14.1% increase from $1.07 billion the same time last year. Net income rose to $73.6 million from $49.8 million in 2015. Gross profit and gross profit margin in the first quarter of fiscal 2016 were $440.7 million and 36.2%, respectively, compared to $370.2 million and 34.7 %, respectively, last year. The gross profit margin percentage increase was primarily due to the impact of acquisitions and improved mix, partially offset by the negative impact of foreign exchange.