Newell Brands (NASDAQ: NWL) today announced its first quarter financial results for the period ended March 31, 2020.
GAAP Net loss was $1.27 billion, or ($3.02) per share, compared to net loss $151 million or $0.36 per share in the first quarter of 2019.
Net sales declined 8% to $1.9 billion.
COVID-19 had a significant impact on Newell’s sales in March and April, and the company had encountered a sales decline of approximately 25% in April. The company expects this trend to continue through the second quarter.
Although we delivered performance in line with or ahead of expectations in Q1, we expect Q2 to be a very challenging quarter. We are encouraged, however, by the pockets of strength we are seeing in the Food and Commercial businesses as well as recent point of sale trends in the Appliances & Cookware business in the U.S. We remain confident in our liquidity position and our ability to successfully navigate the enterprise during these difficult times.
Ravi Saligram, CEO
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