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NACCO Reports Hamilton Beach Sales Gains, Kitchen Collection Losses

NACCO Industries, parent company of Hamilton Beach and Kitchen Collection retail stores, today announced second quarter results. Hamilton Beach’s net income was $1.3 million in the second quarter of 2011 compared with net income of $3.8 million in 2010. The company attributed the decline in net income to “margin compression on most of Hamilton Beach’s product lines,” additional expenses of $0.9 million pre-tax related to moving its distribution center into a larger facility in the second quarter of 2011 and increased bad debt expense of $0.8 million due to a customer’s bankruptcy.
The company also reported that Kitchen Collection’s second quarter 2011 net loss increased to $2.7 million from a net loss of $1.8 million in 2010 primarily as a result of increased store costs due to an increase in the number of stores, lower margins at Kitchen Collection comparable stores and an increase in selling, general and administrative expenses primarily as a result of higher employee-related costs.

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