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Jarden execs comment on snow business and more

By Tiffany Montgomery
October 30, 2009 8:17 AM

Jarden Corp., owner of K2, Volkl, and myriad other brands, commented this week on its snow business during an earnings conference call, including the company's ability to handle reorders and the impact of store closures. Here are some excerpts from a transcript of the call.

On the snow season so far

CEO Martin Franklin - "I would say it is too early to tell. What I will tell you is that we are -- our year-on-year decline is less than anyone else in the category. ... The weather is the driver of that business, not the economy. And I know people think that this is very discretionary, but let me tell you, if there is a lot of snow, it will trump whatever the economy is, and that's just how it has always been in the ski business. It is no different this year."

On Jarden's ability to take reorders

Franklin: "I don't really want to go into too much detail, we have taken a view that the economy has impacted the timing of people's orders and we've made inventory preparations as a consequence to that. So we are looking at our business -- I wouldn't say very differently, but with a slightly different formula than in some other years.

"If you took an average town, you can expect that probably to be 10% to 20% less absolute doors open in a lot of resort towns simply because of people not having the financing to go and carry leases for that season."

On how the economy will impact Jarden going forward

Franklin: "We believe that the macro economy will continue to bump along the bottom for the foreseeable future, as overall consumer grows at a much slower pace than historically after a recession, given high unemployment levels and consumers' inability or unwillingness to take on debt to drive consumer spending."

Jarden's third quarter results. The company owns a wide range of brands, from Crock-Pot, Mr. Coffee and Coleman, to K2 and Adio skate shoes.

Total revenue: down 6.8% to $1.35 billion.

Outdoor solutions (includes snow brands) revenue: down 7% in constant dollars.

Adjusted net income: up 9.7% to $82.2 million

 


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