Economy Turns Consumers To Lower Priced Products
In its third quarter report of sales and earnings, Black & Decker, parent company of Price Pfister, noted that the weak economy caused a shift in consumer buying preferences toward the lower-priced items in the Price Pfister plumbing products line.
Operating profit for Black & Decker's Hardware and Home Improvement segment, including Price Pfister, declined in the third quarter vs. last year. The company attributed this to lower sales, inventory management activities and price pressures in the plumbing products business.
Sales for the segment were down, mostly due to the weak economic environment in North America and inventory correction actions by retailers, the company said.