|
CNBC'S MOST SHARED
- 'We're in the Middle of a Crash': Black Swan
- The Rising Mountain of Debt May Be the Next Crisis
- SEC May Reinstate Rules for Short-Selling Stocks
- Latvian Banker Taking Souls as Collateral
- The Worst Expected 2010 State Budget Gaps
- Cuddle Parties Heat Up
- Alaska Governor Sarah Palin Will Resign
- Malaysia PM Speaks to CNBC
- NY City Apartment Sales Down More Than 50%
- Best Cities For New Grads
- Schwarzenegger Signals Key Budget Concession
- Palin's Resignation May Hurt Her Future
- North Korea Fires 7 Missiles Off East Coast
- The Rising Mountain of Debt May Be the Next Crisis
- Drug Bust Nets Heroin Stuffed in Build-A-Bear Toys
- For Banks, Wads of Cash and Loads of Trouble
- SEC May Reinstate Rules for Short-Selling Stocks
- Vatican Runs Deficit Amid Economic Crisis
- Earnings Season: A Likely Game-Changer
- Fireworks At Pharma's Market
- Value of Warren Buffett's Annual Gift to Gates Foundation Falls Along With Berkshire's Stock
- Michael Jackson: The Music And The Money
- Five Stock Picks for This Market
- Realities of the New Obama Refis
- Weak Dollar Means Gold at $1,040: Strategist
- Court Ruling Could Mean Trouble for TiVo
- Lance, Please Back Out Of Tour
- TeleMedicine Gets An Apple App Store Facelift
Text Size 
Newell Rubbermaid cut its fourth-quarter and full-year sales forecasts Monday, citing softer demand for office products and subsequent inventory reductions at key retailers.
Newell [NWL
Loading...
()
] said sales in the quarter would be "essentially flat" compared with a year earlier, and forecast full-year sales to rise 3 percent to 3.5 percent.
The Atlanta-based company had previously forecast sales to rise 2 percent in the quarter and 4 percent in the full year.
"While this inventory correction by North American office retailers poses a near-term challenge, we remain confident in our ability to drive long-term sales growth," Chief Executive Mark Ketchum said in a statement.
Sales in the office products segment would be down in the high-single digits, while it had previously forecast sales to be down in the low-single digits, the company said.
Newell, which forecast gross margin would expand 200 to 250 basis points, said it was on track to reach its per-share earnings forecast.
The company had previously forecast fourth-quarter earnings of 44 cents to 46 cents a share.
For the full year, it expects to earn $1.79 to $1.81 on a per-share basis.
Analysts expected per-share earnings of 46 cents in the quarter and $1.82 for the full year.
Newell had also forecast fiscal 2008 earnings of $1.95 to $2 per share. Analysts expect it to earn $2 per share.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes