HONG KONG—Net income for TTI, the parent company of the Hoover and Dirt Devil floor-care brands, jumped 51 percent in its 2010 fiscal year, totaling $95 million.
A company statement attributed the bottom-line strength to new products, continued expansion geographically and “significant operational efficiencies.” The latter was a key factor in the 13.3 percent increase in TTI’s gross profit last year. New products and geographic expansion were crucial to the company’s 10 percent increase in sales last year, to $3.4 billion.
For fiscal 2011, according to Joseph Galli, CEO of TTI, the company will continue to invest in new products, building its brands, expanding its global reach and implementing cost controls. “These actions have further strengthened TTI’s market leadership position,” Galli said.