Acuity Brands reports 23% sales drop in third-quarter results

Acuity Brands Inc., Atlanta, announced a net sales decline of 23 percent in its fiscal 2009 third quarter to $396.6 million from $512.4 million for the year-ago period. Operating profit for the company’s third quarter of fiscal 2009 dropped to $41.5 million from $71.7 million. “Net sales for the third quarter of 2009 continued to be impacted by the significant decline in construction activity, particularly in key markets such as commercial and office buildings,” said. Vernon Nagel, chairman, president and CEO of Acuity Brands. “New construction continues to be impacted by lower economic activity and tight credit markets for real estate lending. We were able to partially mitigate the impact of lower sales, including realizing benefits from our continuous improvement initiatives and on-going streamlining efforts while continuing to invest in innovative and energy-efficient products.”