As Reported net sales were $655.4 million in the third quarter of 2018, compared to $666.5 million during the prior-year period. On a constant currency basis, net sales were slightly positive year-over
– As Reported operating income was $2.3 million in the third quarter of 2018, compared to operating loss of $5.4 million in the prior-year period. Excluding $16.5 million in charges related to the SAP service level disruptions and other Non-Operating Items, adjusted operating income was $26.0 million in the third quarter of 2018, compared to $14.3 million in the prior-year period.
The higher As Reported operating income was driven by lower selling, general and administrative expenses, mainly attributed to lower brand support due to the re-phasing of marketing initiatives, as well as lower As Reported net loss was $11.1 million in the third quarter of 2018, compared to $32.4 million in the prior-year period. The lower net loss was driven by the higher operating income described above, as The Company today is also announcing the 2018 Optimization Program, which is expected to deliver in the range of approximately $125 million to $150 million of annualized cost reductions by the end We are very pleased with our third quarter 2018 results and believe that they are reflective of the strength of our business strategy and efforts to stabilize our business operations. We are seeing strong growth in our strategic focus areas as we continue to work to build momentum across our businesses. Looking forward with the announcement of our 2018 Optimization Program, we are now re-allocating and re-aligning our resources to build new capabilities in higher-priority growth areas, as well as driving operational efficiencies to reduce our cost base. While this will lead to some headcount reductions, it is essential that we …
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Source: US SEC
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