Newell Brands—parent of Yankee Candle—announced its third quarter 2024 financial results. Net sales were $1.9 billion, a decline of 4.9% compared with the prior year period. Core sales declined 1.7% compared with the prior year period.

The home and commercial solutions segment generated net sales of $1.0 billion compared with $1.1 billion in the prior year period, reflecting a core sales decline of 2.3%, as well as the impact of unfavorable foreign exchange and certain business exits. Core sales declined in home fragrance, according to the company.

Reported operating loss was $94 million, including the impact of a non-cash impairment charge of $190 million, compared with operating income of $64 million, or 5.7% of sales, in the prior year period. Normalized operating income was $122 million, or 11.7% of sales, compared with $91 million, or 8.1% of sales, in the prior year period.

At the start of 2024, Newell announced an organizational realignment.

CEO’s Take on Q3

This is the fifth full quarter since we deployed our new corporate strategy, and based on our reported results, it is clear that Newell Brand’s business transformation is well underway,” said Chris Peterson, Newell Brands president and CEO ” During the third quarter, year-over-year sales performance improved sequentially, we drove continued gross and operating margin improvement, while purposefully increasing our level of A&P investment, and we meaningfully de-levered the balance sheet through both debt reduction and EBITDA growth. While much work remains and the macroeconomic backdrop is still uncertain, we are confident that the actions we are taking and the capabilities we are building are laying a solid foundation for the company’s future.”