Tuesday, April 29, 2003
Westports Playtex Reports 29 Percent Profit Drop
One of WestportҒs highprofile corporate residents, Playtex Products Inc., says its first-quarter earnings fell 29 percent.
The company, with its corporate headquarters in the Nyala Farms office complex just off I-95, warned of lower 2003 earnings as it steps up promotions to stave off strong competition in the tampon market.
The maker of Playtex tampons, Mr. Bubble bath soap and other consumer products said first-quarter net income fell to $11.4 million, or 19 cents a share from $16.1 million, or 26 cents a share, a year ago.
While most Westporters may not know it, their hometown is also home to other Playtex products such as Wet Ones, Baby Magic, Diaper Genie, Banana Boat, Woolite rug and upholstery cleaning products, Playtex gloves, Binaca and Ogilvie.
Finally, in the interests of further educating WestportNow readers about some things they may not know, Westport֒s Playtex doesnt mean Playtex bras.
The explanation—in 1986, Playtex Holdings was comprised of two companies: Playtex Family Products Corp. (tampons, infant feeding and household products) and Playtex Apparel, Inc. (bras, girdles, hosiery and other apparel).
In 1991, the publicly traded Sara Lee Co. purchased Playtex Apparel and acquired a 25 percent interest in Playtex Family Products (which it later sold back). Playtex Family Products eventually became Playtex Products, Inc.
Update: Playtex shares closed down 15 percent, or $1.33, at $7.45 today on the New York Stock Exchange. It was the largest percentage loser on the exchange.