Fortune Brands--the conglomerate whose home products include such names as Moen faucets, Aristokraft and Kitchen Craft cabinets, Therma-Tru doors and Simonton wndows--announced today that its home and security unit swung to a $22.4 million operating profit in the first quarter from a $54.9 million loss the year earlier. Sales in the unit rose 15.3% to $698.4 million.
The rebuilding of inventories contributed to the turnaround, Deerfield, Ill.-based Fortune Brands said in its earnings report. "In home products, better-than-expected remodeling activity, share gains at home centers, rebuilding of inventories by customers for faucets and doors, and favorable comparisons helped drive double-digit sales gains for our cabinetry brands as well as Moen faucets, Therma-Tru doors and Simonton windows," chairman and CEO Bruce Carbonari said in a statement.
The report didn't break down sales by brand within the home and security segment, nor did it report sales geographically.