Shares in Blyth soar despite bigger losses

City A.M. Reporter
SHARES in home decorative items maker Blyth soared by more than a quarter yesterday despite the company reporting a net loss for the second quarter as discontinued operations and charges related to its ViSalus equity incentive plan took their toll.

The company also raised its earnings guidance for the full-year 2012, citing strong sales and profit growth at ViSalus Sciences, which makes energy drinks.

“We are very pleased with the performance of ViSalus, which accelerated during the second quarter... Effective products that taste good, combined with a great earning opportunity for ViSalus distributors, have resulted in a winning formula that is being replicated across the US,” chairman and chief executive Robert Goergen said. The US company posted a net loss of $3.07m for the second quarter, compared to net earnings of $0.74m in the prior-year quarter.