UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended April 30, 2007

	Or

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-13026

BLYTH, INC.

(Exact name of registrant as specified in its charter)

Delaware		36-2984916
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

One East Weaver Street, Greenwich, Connecticut		06831
(Address of principal executive offices)		(Zip Code)

(203) 661-1926

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o

Accelerated filer x

Non-Accelerated filer o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

39,442,162 Common Shares as of May 31, 2007

BLYTH, INC.

INDEX

							Page
Part I.			Financial Information

	Item 1.			Financial Statements (Unaudited):

						Condensed Consolidated Balance Sheets	3

						Condensed Consolidated Statements of Earnings	4

						Condensed Consolidated Statements of Stockholders’ Equity	5

						Condensed Consolidated Statements of Cash Flows	6

						Notes to Condensed Consolidated Financial Statements	7-16

	Item 2.			Management’s Discussion and Analysis of
					Financial Condition and Results of Operations		17-22

	Item 3.			Quantitative and Qualitative Disclosures About Market Risk			23-24

	Item 4.			Controls and Procedures			25

Part II.		Other Information

	Item 1.			Legal Proceedings			26

	Item 1A.			Risk Factors			26

	Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			27

	Item 3.			Defaults upon Senior Securities			27

	Item 4.			Submission of Matters to a Vote of Security Holders			27

	Item 5.			Other Information			27

	Item 6.			Exhibits			28

Signatures							29

Part I. FINANCIAL INFORMATION

Item I. FINANCIAL STATEMENTS

BLYTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)	April 30, 2007			January 31, 2007
ASSETS
Current assets:
Cash and cash equivalents	$	125,217		$	103,808
Short-term investments	126,300			129,725
Accounts receivable, less allowance for doubtful receivables of $1,685 and $1,533, respectively	45,986			35,040
Inventories	125,774			148,321
Prepaid and other	40,922			33,317
Deferred income taxes	27,862			29,707
Total current assets	492,061			479,918
Property, plant and equipment, at cost:
Less accumulated depreciation of $212,441 and $209,160, respectively	154,370			159,484
Other assets:
Investment	3,608			3,610
Goodwill	78,682			78,682
Other intangible assets, net of accumulated amortization of $8,125 and $7,750, respectively	34,975			35,350
Deposits and other assets	18,161			17,594
	135,426			135,236
Total assets	$	781,857		$	774,638
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	1,004			987
Accounts payable	45,430			56,450
Accrued expenses	80,425			77,738
Dividends payable	10,608			—
Income taxes payable	3,201			4,925
Total current liabilities	140,668			140,100
Deferred income taxes	35,670			35,002
Long-term debt, less current maturities	210,772			214,792
Other liabilities	30,043			21,051
Commitments and contingencies	—			—
Stockholders’ equity:
Preferred stock - authorized 10,000,000 shares of $0.01 par value; no shares issued	—			—
Common stock - authorized 100,000,000 shares of $0.02 par value; issued 50,711,360 shares and 50,637,060 shares, respectively	1,014			1,013
Additional contributed capital	131,764			129,367
Retained earnings	533,252			534,897
Accumulated other comprehensive income	22,388			22,130
Treasury stock, at cost, 11,335,798 shares at April 30 and January 31, 2007.	(323,714		)	(323,714		)
Total stockholders’ equity	364,704			363,693
Total liabilities and stockholders’ equity	$	781,857		$	774,638

The accompanying notes are an integral part of these financial statements.

BLYTH, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(Unaudited)

Three months ended April 30 (In thousands, except per share data)	2007		2006
Net sales	$	270,367	$	280,247
Cost of goods sold	128,663