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Exhibit 99.2
CONTACT: FOR IMMEDIATE RELEASE
Richard T. Browning
Chief Financial Officer
(203) 661-1926, ext. 6628
Jane F. Casey
Vice President
(203) 661-1926, ext. 6619
BLYTH, INC. AFFIRMS DOUBLE-DIGIT UNDERLYING GROWTH IN 4TH QUARTER
DETERIORATING FOREIGN CURRENCIES WILL NEGATIVELY AFFECT REPORTED RESULTS
GREENWICH, CT, November 30, 2000: Blyth, Inc. (NYSE:BTH), a global leader in
home fragrance products, today re-affirmed management's expectation of
double-digit underlying growth for the remainder of the fiscal year, following
the posting of record third quarter results. In the absence of a deterioration
in the values of the euro and pound sterling, the Company would have anticipated
sales growth of 11-12% and EPS growth of 12-16% in the fourth fiscal quarter. As
a result of the deterioration of such currencies, the Company expects to report
sales growth in the 5-6% range and reported EPS growth in the 5-9% range in the
fourth quarter.
Absent such deterioration, the Company would have anticipated full year
projections of 10% sales growth and 12 - 13% EPS growth. Full year reported net
sales are expected to approximate 7%. Reported full year EPS, at $2.05 - $2.07,
is expected to grow 8-10% compared to $1.89 in the prior fiscal year.
Commenting on the sales and earnings projections, Robert B. Goergen, Chairman of
the Board and CEO, said, "We are pleased with our third quarter results and the
outlook for another year of record returns at Blyth, particularly given the
difficulties posed by the deterioration of foreign currencies and the current
retail environment both in North America and Europe."
Sales within the U.K. and continental Europe account for approximately 21% of
total Company sales. Blyth's European subsidiaries experience their strongest
sales during the fourth fiscal quarter, which for these businesses is October,
November and December. Therefore, the continued deterioration of the euro and
pound sterling, which during the third fiscal quarter had already deteriorated
14% and 8%, respectively, from a year ago, will have its greatest impact in the
Company's final fiscal quarter.
Mr. Goergen also noted that, "We believe Blyth's record sales performance will
continue into the future as the result of strong management teams able to bring
innovative new products to market quickly in each channel of distribution. Blyth
is the only company among its major competitors to have a presence in every
channel."
Blyth, Inc., headquartered in Greenwich, CT, designs, manufactures and markets
an extensive line of candles and home fragrance products including scented
candles, potpourri and environmental fragrance products, and markets a broad
range of related candle accessories and
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decorative seasonal products. Its products are sold in the United States under
various brand names, including Colonial Candle of Cape Cod(R), PartyLite(R),
Kate's Original Recipe(TM), Carolina Designs(R), Ambria(TM), Florasense(R),
Jeanmarie(R) and FilterMate(R) and in Europe under the Gies, Liljeholmens and
Colony brands. It is also a leading producer of portable heating fuel products
sold under the Sterno(R) and Handy Fuel(R) brand names. Net Sales for the twelve
months ended October 31, 2000 totaled $1,155,758,000.
Blyth, Inc. can be found on the Internet at www.blythinc.com.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future
events or performance and underlying assumptions and other statements which are
other than statements of historical facts. Actual results could differ
materially due to various factors, including the risk of maintaining the
Company's growth rate, the Company's ability to respond to increased product
demand, the risks (including foreign currency fluctuations) associated with
international sales and foreign products, the risks of being able to recruit new
independent sales consultants in North America, the risk of a continued weak
retail environment, dependence on key management personnel, competition in terms
of price and new product introductions, and other factors described in this
press release, and in the Company's Quarterly Report on Form 10-Q for the
quarter ended April 30, 2000, and in the Company's Annual Report on Form 10-K
for the year ended January 31, 2000.
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