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 October 31, 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.

37,133,513 Common Shares as of November 30, 2007

BLYTH, INC.

INDEX

Part I. Financial Information

Item 1.	Financial Statements (Unaudited):

	Condensed Consolidated Balance Sheets

	Condensed Consolidated Statements of Earnings (Loss)

	Condensed Consolidated Statements of Stockholders’ Equity

	Condensed Consolidated Statements of Cash Flows

	Notes to Condensed Consolidated Financial Statements

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

Item 3.	Quantitative and Qualitative Disclosures About Market Risk

Item 4.	Controls and Procedures

Part II. Other Information

Item 1.	Legal Proceedings

Item 1A.	Risk Factors

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

Item 3.	Defaults upon Senior Securities

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

Item 5.	Other Information

Item 6.	Exhibits

Signatures

Part I. FINANCIAL INFORMATION

Item I. FINANCIAL STATEMENTS

BLYTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	October 31,				January 31,
(In thousands, except share and per share data)	2007				2007
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	110,113			$	103,808
Short-term investments	84,806				129,725
Accounts receivable, less allowance for doubtful receivables of $2,647 and $1,533, respectively	90,223				35,040
Inventories	136,309				148,321
Prepaid and other	45,986				33,317
Deferred income taxes	22,753				29,707
Total current assets	490,190				479,918
Property, plant and equipment, at cost:
Less accumulated depreciation of $220,476 and $209,160, respectively	146,196				159,484
Other assets:
Investment in unconsolidated subsidiaries	2,925				3,610
Goodwill	78,682				78,682
Other intangible assets, net of accumulated amortization	34,225				35,350
Deposits and other assets	18,241				17,594
Total non-current assets	134,073				135,236
Total assets	$	770,459			$	774,638
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$		1,040		$		987
Accounts payable	49,011				56,450
Accrued expenses	89,242				77,738
Dividends payable	10,233				—
Income taxes payable	3,583				4,925
Total current liabilities	153,109				140,100
Deferred income taxes	34,185				35,002
Long-term debt, less current maturities	210,374				214,792
Other liabilities	32,069				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 50,916,460 shares and 50,637,060 shares, respectively	1,018				1,013
Additional contributed capital	137,690				129,367
Retained earnings	532,744				534,897
Accumulated other comprehensive income	28,169				22,130
Treasury stock, at cost, 13,048,024 shares and 11,335,798 shares, respectively	(358,899			)	(323,714			)
Total stockholders’ equity	340,722				363,693
Total liabilities and stockholders’ equity	$	770,459			$	774,638

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

BLYTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(Unaudited)

Nine months ended October 31 (In thousands, except per share data)	2007		2006
Net sales	$	791,107	$	840,775
Cost of goods sold	383,868		434,047
Gross profit	407,239		406,728
Selling	273,122		283,435
Administrative and other	99,351		95,501
Goodwill impairment	—		36,769
Total operating expense	372,473		415,705
Operating profit (loss)	34,766

or

One East Weaver Street, Greenwich, Connecticut 06831

INDEX

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Part II. Other Information