Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 24

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 24
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    Non-operating pension expense
     
    6.1
     
    1.8
     
    4.3
     
    NM

    Other (income) expense, net
     
    (0.9)
     
    4.5
     
    (5.4)
     
    NM

    Loss before income tax
     
    (87.3)
     
    (13.1)
     
    (74.2)
     
    NM

    Income tax expense
     
    14.3
     
    8.7
     
    5.6
     
    64.4 %

    Effective tax rate
     
    (16.4)%
     
    (66.4)%

    50.0
     pts

    Net loss
     
    (101.6)
     
    (21.8)
     
    (79.8)
     
    NM

    Weighted average number of diluted shares outstanding:
     
    95.6
     
    95.3
     
    0.3
     
    0.3 %

    Diluted loss per share
     
    $(1.06)
     
    $(0.23)
     
    $(0.83)
     
    NM

    Comparable sales (Non-GAAP)(1)
     
    $1,685.5
     
    $1,832.8
     
    $(147.3)
     
    (8.0)%

(1)See reconciliation to GAAP contained in Part II, Item 7. "Supplemental Non-GAAP Financial Measures."

Net Sales

For the year ended December 31, 2024, net sales decreased $166.6 million, or 9.1 percent, including $19.3 million, or 1.1 percent, from adverse foreign exchange. Comparable net sales decreased 8.0 percent. The sales decline was driven by lower volume, which was down 7.9 percent, primarily due to softer global business and consumer demand for certain office related product categories, lower back-to-school purchases by our customers in our Americas operating segment, and the exit of lower margin business primarily in North America which accounted for approximately 2.0 percent of the decline. These declines were partly offset by growth in the technology accessories categories.

Gross Profit