Prestige Consumer Feels ‘5-Ounce Hammer' From Pandemic Headwinds
Prestige hasn’t totally escaped supply chain disruptions caused by shutdowns during the pandemic but it’s relieved to report a smaller impact than most consumer-packaged goods marketers. Slower cough/cold OTC sales also don’t slow its results.
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Retailer and consumer stockpiling in fear of supply chain disruptions drive double digit consumption growth for Prestige Consumer Healthcare’s Dramamine, Nix, Hydralyte and cough/cold brands. Brands drove total sales up 10.5% excluding impact of Akorn, to $12.4m in latest quarter.
Both firms announce agreement for Prestige to pay Akorn $230m cash for TheraTear, Diabetic Tussin and Zostrix OTCs and MagOx and Multi-betic supplements. Akorn says the agreement is "to sell its Consumer Health business,” even though it retains two consumer brands.
Dentek oral care brand struggles with retailer destocking as Prestige Consumer Healthcare continues brand-building including working with retailers to expand inventory and running TV campaigns on nighttime teeth grinding. Firm reports net sells fell 8.6% in its latest quarter.