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, 2008

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		Smaller reporting company o
(Do not check if a smaller reporting company)

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.

36,237,352 Common Shares as of May 31, 2008

BLYTH, INC.

INDEX

Page

Part I.

Financial Information

Item 1.

Financial Statements (Unaudited):

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Earnings

Condensed Consolidated Statements of Stockholders’ Equity

Condensed Consolidated Statements of Cash Flows

Notes to Condensed Consolidated Financial Statements

7-18

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

19-25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

26-27

Item 4.

Controls and Procedures

Part II.

Other Information

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

BLYTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	April 30,		January 31,
(In thousands, except share and per share data)	2008		2008
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	147,494	$	163,021
Short-term investments	15,022		30,375
Accounts receivable, less allowance for doubtful receivables of $1,941 and $2,006 respectively	37,551		35,054
Inventories	140,939		132,585
Prepaid and other	37,534		31,968
Deferred income taxes	35,274		36,841
Total current assets	413,814		429,844
Property, plant and equipment, at cost:
Less accumulated depreciation of $220,257 and $214,874, respectively	140,132		140,021
Other assets:
Investments	21,655		22,315
Goodwill	31,854		31,854
Other intangible assets, net of accumulated amortization of $9,625 and $9,250, respectively	31,125		31,500
Deposits and other assets	11,108		11,888
Total other assets	95,742		97,557
Total assets	$	649,688	$	667,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	945		928
Accounts payable	38,635		55,167
Accrued expenses	80,486		78,045
Dividends payable	9,784		—
Income taxes payable	3,294		10,926
Total current liabilities