ACCO Brands Corporation Provides Operational Update for Third Quarter, Revises 2022 Outlook and Announces Third Quarter Earnings Webcast

ACCO Brands Corporation (NYSE: ACCO) announced today an update to the quarter ending September 30, 2022 and its full year 2022 outlook, reflecting a more challenging than anticipated operating environment.

“Our North America segment saw better overall back-to-school sell-through for the season, positive return to office trends and improved brand positioning in the third quarter; however, these improvements were more than offset by retailers’ more cautious approach to inventory replenishment. In Europe, the current energy crisis and persistent inflation has created a more challenging macroeconomic environment, negatively impacting sales and profits in our EMEA segment. These factors offset double-digit sales and profit growth in our International segment,” said Boris Elisman, ACCO Brands Chairman and Chief Executive Officer.

Due to the macroeconomic trends, we are providing a third quarter outlook and lowering our full year 2022 outlook to properly account for reduced channel inventory replenishment, a weaker end-user demand environment, especially in Europe, continued high inflation and adverse foreign exchange impacts. In addition, current market capitalization has triggered a review of our goodwill valuation and we expect to take a yet to be finalized non-cash goodwill impairment charge in the third quarter.

	Q3 2022 Outlook	Updated Full Year 2022 Outlook	Previous Full Year 2022 Outlook
Net Sales	$480-$490 million*	$1.940 to $1.980 billion*	$2.015-$2.055 billion
Comparable Sales Growth**	(3%) to (2%)	0.0% to 2.0%	4.0% to 6.0%
Adjusted EPS**	$0.23 to $0.25	$1.05 to $1.10	$1.39 to $1.44