ACCO Brands posts record sales
| 13 February, 2020
ACCO Brands reports that net sales increased 0.7 percent to $1,955.7 million from $1,941.2 million in 2018 driven by International acquisitions and strong sales in North America, partially offset by negative foreign exchange. Comparable sales increased 0.8 percent from higher sales in North America driven by higher pricing to offset inflation and tariffs.
Sales at ACCO Brands EMEA were $569.3 million, down 5.9 percent from $605.2 million in 2018, primarily due to adverse foreign exchange that reduced sales 5.6 percent. Comparable sales decreased 0.3 percent. Results in 2018 benefited from strong demand for shredders generated by Europe's new privacy law, making the 2019 sales comparison difficult. After a strong first quarter, demand softened in the second and third quarters, returning to almost flat in the fourth quarter.
"I am very pleased with our results for the fourth quarter and full year and want to congratulate ACCO Brands employees for delivering record annual sales and adjusted EPS, and the second highest free cash flow ever," said Boris Elisman, Chairman, President and Chief Executive Officer of ACCO Brands. "Our company enters a new decade as a growing, well-diversified, branded consumer, school, and office products business with a track record of product innovation, strong in-market execution, and efficient operations. In 2020, we are expecting another year of strong progress against our strategic imperatives," Elisman added.