Wauwatosa-based Briggs & Stratton Corp. reported that cool spring weather put a damper on its fiscal fourth quarter sales.
The company reported fourth quarter sales of $502.2 million, down 6.8 percent from the prior fiscal fourth quarter, and fourth quarter net income of $5.3 million, or 12 cents per diluted share, which was down 73 percent from the previous fiscal fourth quarter.
“Our fiscal fourth quarter sales were impacted by cooler than normal temperatures in North America and Europe,” said Todd J. Teske, chairman, president and chief executive officer. “Industry shipments in April and May were down significantly when compared to last year as the cooler weather impacted retail sell through. We believe that retail sell through has improved in the latter part of June and into July in both regions such that elevated channel inventories at the end of our fiscal year are reducing to more normal levels.”
Teske said “global economic uncertainty” also hurt the company’s fourth quarter results.
“Global economic uncertainty…has challenged consumer confidence and made goods exported to international markets relatively more expensive also impacting demand,” he said.
For the entire fiscal year, Briggs reported net sales of $1.8 billion, down 4.5 percent from the previous fiscal year, and net income of $26.6 million, down 41.9 percent.