Today, Newell Brands announced Q3 2022 financial results. After a strong performance in the first half of the year, we saw a deceleration in the third quarter, predominantly due to external pressures affecting many businesses and industries.
Despite the tough operating environment, Newell’s domestic consumption continues to exceed 2019 levels both during Q3 and year-to-date. Our Commercial business continued to grow core sales this quarter and year-to-date. Our Writing business also grew core sales year-to-date. Invoice sales for many of our key brands like Rubbermaid Commercial Products®, Sharpie®, Paper Mate®, Expo®, Elmer’s®, Rubbermaid® and Contigo® were up year to date versus last year as well.
In our press release, CEO Ravi Saligram shared, “we expect economic uncertainty and external disruptions to persist in the near-term and are staying agile, as we adjust our playbook to this environment, while taking decisive actions to maximize profits and cash. We remain confident in the strength of our brands and our ability to drive sustainable and profitable growth over the long term."
We remain laser focused on aligning our cost structure with the challenging macroeconomic backdrop while optimizing our product assortment, driving innovation and activating shopper campaigns with a focus on value messaging to better connect with shoppers and customers. Our priorities include rightsizing the company’s inventory to accelerate cash flow; driving a recovery in gross margins; reducing overheads by leveraging the scale of One Newell, while closely managing discretionary expenses and optimizing advertising and promotion spending, as well as our real estate footprint; redirecting investment toward higher margin businesses and delivering on simplification and complexity reduction.
To read more about our Q3 financial results, please read our press release .