Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 36)

of sales of industrial power tools and accessories that partially offset a double-digit rate of decline of sales of consumer power tools

and accessories.

Sales of the European power tools and accessories business during 2008 decreased at a low-double-digit rate from the level

experienced in 2007 as a result of deteriorating economic conditions in Western Europe, which were partially offset by growth in the

Eastern Europe and Middle East/Africa regions due to growth in the first nine months of 2008 which offset declines in the fourth

quarter. The decline in sales of the European power tools and accessories business reflected a rapid deterioration in the second half of

2008, following a mid-single-digit rate of decline in the first half of the year. Sales of both the Corporation’s industrial and consumer

power tools and accessories businesses in Europe decreased at a double-digit rate during 2008 from the 2007 level.

Sales in other geographic areas increased at a double-digit rate in 2008 over the 2007 level. That growth primarily resulted from a

double-digit rate of increase in Latin America and a low-single-digit rate of increase in the Asia/Pacific region, where sales growth in

Asia offset declines in Australia and New Zealand.

Segment profit as a percentage of sales for the Power Tools and Accessories segment was 7.4% for 2008, as compared to 10.1% for

2007. Gross margin as a percentage of sales for 2008 declined in comparison to 2007 primarily as a result of commodity inflation

(together with the change in China’s value added tax and appreciation of the Chinese renminbi), unfavorable product mix, and the

de-leveraging of fixed costs, partially offset by the favorable effects of productivity and restructuring initiatives and the absence of a

significant product recall that occurred in 2007. Selling, general, and administrative expenses as a percentage of sales for 2008

increased over the 2007 level due primarily to the de-leveraging of expenses over lower sales volumes.

HARDWARE AND HOME IMPROVEMENT

Segment sales and profit for the Hardware and Home Improvement segment, determined on the basis described in Note 17 of Notes to

Consolidated Financial Statements, were as follows (in millions of dollars):

YEAR ENDED DECEMBER 31, 2009 2008 2007

Sales to unaffiliated customers $ 755.4 $ 891.6 $ 1,001.7

Segment profit 76.9 75.8 113.6

Sales to unaffiliated customers in the Hardware and Home Improvement segment during 2009 decreased 15% from the 2008 level.

Sales of security hardware in the United States declined at a double-digit rate due to continued weakness in residential construction,

which was partially offset by the continued success of the SmartKey product line. Sales of plumbing products in the United States

declined 21% in 2009 across all channels. Sales of the Hardware and Home Improvement segment outside of the United States

declined at a double-digit rate in 2009 from the 2008 level, principally due to weakness in Canada.

Segment profit as a percentage of sales in the Hardware and Home Improvement segment increased from 8.5% in 2008 to 10.2% in

2009. Gross margin as a percentage of sales increased in 2009, as compared to 2008, due to product cost deflation as well as to the

favorable effect of restructuring and productivity initiatives. Despite cost reduction initiatives implemented throughout 2009, selling,

general, and administrative expenses as a percentage of sales increased in 2009, as compared to 2008, as a result of de-leveraging of

fixed and semi-fixed costs over a lower sales base.

Sales to unaffiliated customers in the Hardware and Home Improvement segment during 2008 decreased 11% from the 2007 level.

Sales of security hardware in the United States declined at a double-digit rate due, in part, to the negative effects of the U.S. housing

slowdown. Sales of plumbing products in the United States declined at a high-single-digit rate in 2008, driven by the U.S. housing

slowdown. Sales of the Hardware and Home Improvement segment outside of the United States declined at a low-single-digit rate in

2008 from the 2007 level, principally due to weakness in Canada.

Segment profit as a percentage of sales in the Hardware and Home Improvement segment decreased from 11.3% in 2007 to 8.5% in

2008. Gross margin as a percentage of sales declined slightly in 2008, as compared to 2007, as the negative effects of commodity

inflation and lower volumes were only partially offset by productivity and restructuring initiatives. Selling, general, and administrative

expenses as a percentage of sales increased in 2008, as compared to 2007, as a result of de-leveraging of fixed and semi-fixed costs

over a lower sales base.

FASTENING AND ASSEMBLY SYSTEMS

Segment sales and profit for the Fastening and Assembly Systems segment, determined on the basis described in Note 17 of Notes to

Consolidated Financial Statements, were as follows (in millions of dollars):

YEAR ENDED DECEMBER 31, 2009 2008 2007

Sales to unaffiliated customers $ 536.6 $ 703.2 $ 720.7

Segment profit 39.5 106.0 113.9

Sales to unaffiliated customers in the Fastening and Assembly Systems segment decreased 24% in 2009 from the 2008 level.

Incremental sales of the Spiralock business, acquired in September 2008, contributed 1.6% to the segment’s sales during 2009. Sales

Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar

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