Gillette Duracell Div.’s move earlier this year to slash prices o...

David Jones told analysts in conference call. Rayovac fully introduced “50% more” program this month along with new packaging for AA and AAA batteries. Initial shipments of 2 SKUs were made to Target in mid-June, analysts said. Among other changes in recently completed 3rd fiscal quarter, Kmart dropped private label batteries, resulting in additional shelf space for Rayovac and others, Jones said. Rayovac said 3rd-quarter net income shrank to $2.9 million from $10.3 million as it took $11 million charge for restructuring in its acquisition of Varta. Revenue rose to $207.7 million from $135.4 million, due largely to Varta’s strong presence in Europe where sales jumped to $96.1 million from $11.8 million. Rayovac now has 24-25% market share in Western Europe, Jones said. Sales in N. America declined to $81.2 million from $100.9 million as result of impact of retailer’s markdowns and lower sales volumes. Alkaline and rechargeable battery sales were down 4% and 30%, respectively, in N. America in quarter. Sharp drop in chargers and rechargeable batteries was result partly of reductions in inventory at retail in advance of expected delivery of Rayovac’s new 15-min. IC (3) charger in Aug., Jones said. “We expect to land that [IC (3)] in wide distribution,” he said. Separately, Rayovac said it expected to complete restructuring related to its acquisition of Varta by fiscal 4th quarter.