Acuity Brands, Inc. (NYSE: AYI), Atlanta, GA, reported sales for the second quarter ended Feb. 28 were $383.5 million, relatively flat compared to the same period a year ago. Excluding the impact from acquisitions and foreign currency, sales declined 5%. Profit decreased 45.8% to $7.8 million.
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Fiscal year to date, sales were $775.2 million, down 7.5% from the prior year period. Profit declined 8% to $31.1 million.
\”Although our key markets continue to be negatively impacted by the decline in new construction spending due to lower economic activity and tight lending standards for real estate, we were able to hold sales essentially flat through market gains in certain channels, including home improvement and acquisitions,\” said Vernon Nagel, president and CEO. \”While we experienced an increase in price competition, which was largely anticipated, we maintained our pricing posture in areas where our service and product features are differentiated, while responding to competition in certain channels and geographies as appropriate.\”
Acuity Brands, Inc. is a provider of lighting fixtures and related products and services with about 6,000 associates and operations throughout North America and in Europe and Asia.
