DEERFIELD, IL — Fortune Brands Home & Security posted net sales of $3.3 billion for 2011, an increase of 3% over 2010. The company said it projects 2012 sales to also increase, “at a mid-single-digit rate,” based on an assumption of 3% growth in the new housing and remodeling/repair markets.
Net sales for the fourth quarter were $876 million, an increase of 4% over 2010 figures. Driven by a growth in new business, kitchen and bath cabinetry sales for the period were up 5%, the company reported. Fortune Brand’s storage and security products rose 13% for the quarter, plumbing and accessories were up 8% and advanced material windows and door systems fell 11% compared to last year’s figures.
“Our sales growth continued in the fourth quarter, despite a market for our products that remained challenging. Overall, we performed at the high end of our expectations and we believe we continue to outperform the market for our products,” CEO Chris Klein said in a statement. “We continued to see solid sales increases, ranging from mid-single digits to low-double digits, in our Security & Storage, Plumbing, and Cabinets segments, thanks to our ongoing innovation and market expansion activities. Our Windows & Door segment was impacted again by lower window sales lapping relatively high year-ago comparisons, due to the energy tax credit that expired at the end of 2010.”
Klein added that sales of cabinets and windows and doors were further impacted by continued “consumer hesitancy with big-ticket items.” The company’s cabinet brands include: MasterBrand, Aristokraft, Decora, Diamond, Omega, Dynasty by Omega, Homecrest, Kemper, KitchenCraft and Schrock. Fortune Brands Home & Security also represents the Simonton brand of windows.
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