ACCO Brands post sales increase
| 15 February, 2018
ACCO Brands Corporation has announced its results for the period ended December 31, 2017 with net sales increasing 30% to $566.8 million from $437.6 million in the prior-year quarter driven by the Esselte acquisition. Excluding the effects of the acquisition and foreign exchange, comparable sales decreased 3%.
“We delivered great results in 2017, and exceeded our gross margin, profit and cash flow expectations for the quarter and the year," said Boris Elisman, Chairman, President and Chief Executive Officer of ACCO Brands. "Our strategy is working and we are poised for another good year in 2018."
For ACCO Brands EMEA, sales increased 249% to $177.5 million from $50.9 million in the prior-year quarter. The Esselte acquisition added $127.8 million, or 251%, and foreign exchange increased sales by 8%. Comparable sales decreased 10%, or $5.0 million, due to lower volume in the legacy ACCO Brands business. Operating income increased to $22.6 million from $7.9 million in the prior-year quarter.
ACCO Brands North America saw sales increase by 0.4% to $253.2 million from $252.3 million in the prior-year quarter and ACCO Brands International reported sales up 1% to $136.1 million.