ENERGIZER HOLDINGS, INC. ANNOUNCES SECOND QUARTER RESULTS

St.  Louis,  Missouri,  April  23,  2003 - Energizer Holdings, Inc, [NYSE: ENR],
today  announced  results  of  its  second  quarter  ended  March 31, 2003.  Net
earnings  for the quarter were $33.0 million, or $0.37 per diluted share, versus
net  earnings  of $20.0 million, or $0.21 per diluted share in the second fiscal
quarter  of  2002.  Included  in  the  prior  year second quarter earnings are a
restructuring  provision of $2.9 million, after taxes, or $0.03 per share, and a
bad  debt  reserve  of  $6.1  million, after taxes, or $0.07 per share.  For the
current  quarter,  sales  increased  7%  to  $362.6  million  and segment profit
increased  21%  to  $71.7 million, primarily on increases in the Europe and Asia
Pacific  regions.  General  corporate  and other expenses declined $0.7 million,
and  interest  and  other  financing  items  declined  $1.6  million.

For  the  six  months ended March 31, 2003, net earnings were $119.4 million, or
$1.33 per diluted share, compared to net earnings of $90.4 million, or $0.98 per
diluted  share,  in  the  same  period  last year.  Intellectual property rights
income  of  $3.7  million,  after  taxes, or $0.04 per share, is included in the
current six month results.  Included in the six months ended March 31, 2002, are
restructuring  provisions  and  related  costs  of $5.8 million, after taxes, or
$0.06 per diluted share, and a bad debt reserve of $6.1 million, after taxes, or
$0.07  per  diluted share.  Sales for the six months increased $27.6 million, or
3%,  on  increases  in all regions except South and Central America.  Geographic
segment  income  increased  $13.1  million on higher results in Europe and Asia.
General  corporate  and  other  expenses declined $4.1 million, and interest and
other  financing  items  declined  $5.0  million.



North  America
- --------------

Net  sales to customers for the second quarter of $197.2 million increased $13.0
million,  or  7%,  due to higher volume, partially offset by unfavorable pricing
and  product  mix.  The  volume increase was primarily driven by large cell size
alkaline  and lighting product units, which increased 58% and 38%, respectively,
reflecting  increased  demand  from government agencies and consumers related to
potential  terrorism  and  security  concerns.  Smaller  alkaline cell size unit
volume, which accounts for the majority of alkaline sales, increased 4%; however
price per unit declined due to residual holiday promotional pack sales and other
promotional  discounting  in  response  to  recent  competitive  activity.

In  the  U.S.,  retail alkaline category units grew an estimated 12% compared to
the  same  quarter  last  year,  while  category  value increased 3%, reflecting
continued  promotions  and  lower  everyday  pricing  by  retailers.  Retailer
consumption  of Energizer's alkaline products increased an estimated 5% in units
and  1% in value for the quarter.  Energizer estimates its share of the alkaline
battery market at approximately 30% for the quarter, a loss of approximately one
share  point compared to the same quarter last year.  The company estimates that
overall  retail  inventory  levels at March 31, 2003, are at, or slightly below,
seasonal  normal  levels.

"Recently,  our  main U.S. competitor announced pricing and promotional changes,
which  generally reduce both the everyday battery price as well as the depth and
frequency  of  promotional  discounting  going forward," said Pat Mulcahy, Chief
Executive  Officer.  "This  is  directionally  consistent  with  our pricing and
promotional efforts over the last two years which have allowed us to improve our
overall  profitability.  Effective  April 14, 2003, we have adjusted our pricing
and  promotional  structure  in  order  to  solidify  our  position  relative to
competition.  Looking  ahead,  we  believe  we  are  positioned  to  optimize
Energizer's  performance  within  a  healthier  battery  category."

Gross  margin  for  the  quarter  declined  $3.8  million,  or 4%, as the margin
contribution  of  incremental  volume  was more than offset by lower net pricing
after  promotional discounts.  The most significant volume increases were in the
lower  margin  large  cell  sizes  and  lighting  products.

Segment profit increased $3.8 million.  The prior year second quarter included a
$10.0  million  write-off  of  Kmart's  accounts  receivable  in response to its
bankruptcy  filing.  Excluding  this  write-off,  operating margin declined $6.2
million,  or  12%  on  lower  gross  margin and higher advertising and promotion
expense.

For  the  six  months,  sales  increased  $12.5  million, or 2%, due to improved
non-alkaline product volume, partially offset by unfavorable pricing and product
mix.  Gross  margin  for  the  six  months  decreased  $6.4  million,  or 2%, as
unfavorable  pricing  and product mix was partially offset by increased volumes.
Segment  profit decreased $1.0 million.  However, absent the accounts receivable
write-off  mentioned  above,  segment profit decreased $11.0 million, reflecting
the  lower  gross  margin  and  higher  advertising  and  promotion  expense.

Asia  Pacific
- -------------

Net  sales  for the quarter increased $3.3 million, or 4%, as favorable currency
impacts  of  $3.4  million  and  higher  volumes  through  retail  channels were
partially  offset  by  unfavorable pricing and product mix.  For the six months,
net  sales  increased  $6.9  million, or 4%, due to higher alkaline volume and a
$5.8  million favorable currency impact, partially offset by unfavorable pricing
and  product  mix. Segment profit increased $4.3 million for the quarter and six
months,  primarily  due  to  increased  sales.

Europe
- ------

Second  quarter  net  sales  increased  $7.8  million,  or 13%, due to favorable
currency  impacts  of $10.6 million, partially offset by lower volume, primarily
carbon  zinc.  Segment  profit improved $6.1 million, primarily due to favorable
currency  impacts  of  $5.3  million.

For  the six months, sales increased $14.0 million, or 9%, as favorable currency
impacts  of  $18.8  million and favorable pricing and product mix were partially
offset  by  lower  carbon  zinc volume.  Segment profit increased $13.5 million,
primarily  due  to  currency  impacts  of $9.4 million and favorable pricing and
product  mix.



South  and  Central  America
- ----------------------------

Net  sales  for  the  quarter  decreased  $1.2  million,  or 6%, due to negative
currency  impacts of $4.8 million, partially offset by pricing actions.  Segment
profit decreased $1.7 million to $0.1 million due to $3.0 million of unfavorable
currency impacts and higher volumes in lower margin markets, partially offset by
higher  prices.

For the six months, net sales decreased $5.8 million, or 10%, due to unfavorable
currency  impacts  of  $16.1  million,  partially offset by improved pricing and
product  mix  and  higher  volumes  in  lower  margin  markets.  Segment  profit
decreased  $3.7  million,  or  50%,  due  to  lower  sales.

Other  Items
- ------------

Corporate  and  other  expenses  decreased $0.7 million and $4.1 million for the
quarter  and  the  six months, respectively, reflecting lower compensation costs
related  to  incentive  plans and stock price, partially offset by lower pension
income.  Interest  and  other  financing  items  decreased  $1.6 million for the
quarter  and  $5.0  million  for  the  six  months,  reflecting  lower  average
borrowings.

The income tax rate was 28.1% for the current quarter, compared to 25.4% for the
same  period  last  year  and  36.0%  for the first quarter of fiscal 2003.  The
change  in  the  rate  from  the  first quarter to the second quarter reflects a
reduction  necessary  to  bring  the  rate  for  the  six  months  in  line with
expectations  for  the  full year.  For the six months ended March 31, 2003, the
income  tax  rate  was  34.0%  versus  37.2%  for  the  same  period a year ago,
reflecting  improved  foreign  operating  results.

During the quarter, Energizer repurchased 4.3 million shares of its common stock
for  a  total  of  5.0  million  shares  purchased in fiscal year 2003.  Capital
expenditures  and  depreciation  expense  for  the quarter were $8.2 million and
$15.0  million,  respectively.  For  the  six  months, capital expenditures were
$14.1  million,  and  depreciation  expense  was  $29.8  million.

On  March  28,  2003,  Energizer announced that it had completed the purchase of
Schick-Wilkinson Sword from Pfizer Inc for $930 million.  Operating results will
be  reported  in  Energizer's  earnings  and  cash  flow statements beginning in
Energizer's  third  quarter.  Including  borrowings  related to the acquisition,
Energizer's  total  debt  was  $1,096.3  million.

                                      # # #

Statements  in  this  press  release  that  are  not  historical,  particularly
statements  regarding  estimates  of  category  growth,  retailer consumption of
Energizer's  products,  Energizer's market share, and retailer inventory levels,
and  Energizer's  anticipated  full-year  tax  rate,  may  be  considered
forward-looking  statements  within  the  meaning  of  the  Private  Securities
Litigation  Reform  Act  of 1995.  Energizer cautions readers not to place undue
reliance  on  any  forward-looking  statements,  which speak only as of the date
made.

Energizer  advises readers that various risks and uncertainties could affect its
financial  performance  and  could  cause  Energizer's actual results for future
periods  to  differ materially from those anticipated or projected.  Energizer's
estimates  of  battery  category  growth  and  value  decline, total retail unit
consumption  of  its  battery  products,  Energizer  market  share  and retailer
inventory  levels  may be inaccurate, or may not reflect significant segments of
the retail market.  Moreover, Energizer sales volumes in future quarters may lag
unit  consumption  if  retailers are currently carrying inventories in excess of
Energizer's  estimates,  or  if  those retailers elect to further contract their
inventory  levels.  The  adverse  impact of competitors' pricing and promotional
activities may be more significant than anticipated, and Energizer's pricing and
promotional  structure  may  not  be  effective  in  protecting  its competitive
position.  Profit  margins in the battery category may not stabilize or improve,
but  instead may continue to decline.  Energizer's overall tax rate for the year
may be higher or lower than anticipated because of unforeseen changes in the tax
laws  or  applicable  rates, higher taxes on repatriated earnings, or changes in
foreign  loss  estimates.  Additional  risks  and  uncertainties  include  those
detailed  from  time  to time in Energizer's publicly filed documents, including
Energizer's  Registration  Statement  on Form 10, its Annual Report on Form 10-K
for  the Year ended September 30, 2002, its quarterly report on Form 10Q for the
period  ended  December 31, 2002, and its Current Report on Form 8-K dated April
25,  2000.





                                   ENERGIZER HOLDINGS, INC.
                                     STATEMENT OF EARNINGS
                                          (CONDENSED)
                   (DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA - UNAUDITED)


                                                             QUARTER ENDED   SIX MONTHS ENDED
                                                               MARCH 31,         MARCH 31,
                                                             2003    2002     2003     2002
                                                             ----    ----     ----     ----
                                                                            
Net sales                                                   $362.6   $339.7   $935.0   $907.4
                                                            -------  -------  -------  -------
Cost of products sold                                        207.3    189.8    515.0    494.8
Selling, general and administrative expense                   69.4     79.6    145.0    161.0
Advertising and promotion expense                             26.8     24.4     74.0     70.4
Research and development expense                               9.3      9.1     18.1     18.3
Provisions for restructuring                                     -      4.5        -      5.9
Intellectual property rights income                              -        -     (6.0)       -
Interest expense                                               4.7      5.3      9.1     11.5
Other financing items, net                                    (0.8)     0.2     (1.1)     1.5
                                                            -------  -------  -------  -------

Earnings before income taxes                                  45.9     26.8    180.9    144.0

Income taxes                                                 (12.9)    (6.8)   (61.5)   (53.6)
                                                            -------  -------  -------  -------

Net earnings                                                $ 33.0   $ 20.0   $119.4   $ 90.4
                                                            =======  =======  =======  =======

Earnings per share
    Basic                                                   $ 0.38   $ 0.22   $ 1.36   $ 0.99
                                                            =======  =======  =======  =======
    Diluted                                                 $ 0.37   $ 0.21   $ 1.33   $ 0.98
                                                            =======  =======  =======  =======

Weighted average shares of common stock - Basic               86.5     91.4     87.5     91.5
                                                            -------  -------  -------  -------
Weighted average shares of common stock - Diluted             88.5     92.8     89.8     92.6
                                                            -------  -------  -------  -------
<FN>

                   See Accompanying Notes to Condensed Financial Statements.





                                            ENERGIZER HOLDINGS, INC.
                                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                  (DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)

1.     Operating  results for any quarter are not necessarily indicative of the results for any other quarter or
the  full  year.


2.     Segment  sales  and  profitability  for  the  quarter  and  six  months  ended  March  31, 2003 and 2002,
respectively,  are  presented  below.


                                                                              
                                                                       Quarter Ended March 31,
       NET SALES                                                           2003     2002
                                                                         -------  -------
               North America                                             $197.2   $184.2
               Asia Pacific                                                78.6     75.3
               Europe                                                      66.3     58.5
               South and Central America                                   20.5     21.7
                                                                         -------  -------
                  Total net sales                                        $362.6   $339.7
                                                                         =======  =======

      OPERATING PROFIT BEFORE INTEREST AND UNUSUAL ITEMS
               North America                                             $ 47.0   $ 43.2
               Asia Pacific                                                19.3     15.0
               Europe                                                       5.3     (0.8)
               South and Central America                                    0.1      1.8
                                                                         -------  -------
                   Total segment profitability                             71.7     59.2

               General corporate and other expenses                       (12.6)   (13.3)
               Research and development expense                            (9.3)    (9.1)
                                                                         -------  -------
                   Operating profit before interest and unusual items      49.8     36.8
               Intellectual property rights income                            -        -
               Provisions for restructuring and related costs                 -     (4.5)
               Interest and other financial items                          (3.9)    (5.5)
                                                                         -------  -------
                   Earnings before income taxes                          $ 45.9   $ 26.8
                                                                         =======  =======

                                                                              
                                                                      Six Months Ended March 31,
       NET SALES                                                           2003     2002
                                                                         -------  -------
              North America                                               $548.6   $536.1
               Asia Pacific                                                165.2    158.3
               Europe                                                      167.6    153.6
               South and Central America                                    53.6     59.4
                                                                          -------  -------
                  Total net sales                                         $935.0   $907.4
                                                                          =======  =======

      OPERATING PROFIT BEFORE INTEREST AND UNUSUAL ITEMS
              North America                                               $159.9   $160.9
               Asia Pacific                                                 40.9     36.6
               Europe                                                       20.9      7.4
               South and Central America                                     3.7      7.4
                                                                           -------  -------
                   Total segment profitability                             225.4    212.3

               General corporate and other expense                         (24.4)   (28.5)
               Research and development expense                            (18.1)   (18.3)
                                                                           -------  -------
                   Operating profit before interest and unusual items      182.9    165.5
               Intellectual property rights income                           6.0        -
               Provisions for restructuring and related costs                  -     (8.5)
               Interest and other financial items                           (8.0)   (13.0)
                                                                           -------  -------
                   Earnings before income taxes                           $180.9   $144.0
                                                                          =======  =======



     Supplemental  product  information  is  presented  below  for revenues from
external  customers:




                                                               
                                      Quarter Ended March 31,     Six Months Ended March 31,
       NET SALES                           2003    2002                2003    2002
                                          ------  ------              ------  ------
               Alkaline batteries         $232.6  $211.6              $643.0  $632.2
               Carbon Zinc batteries        54.6    58.4               120.9   125.0
               Lighting products            25.8    22.8                61.3    55.0
               Miniature batteries          17.4    18.3                36.1    34.9
               Other                        32.2    28.6                73.7    60.3
                                           ------  ------              ------  ------
                  Total net sales         $362.6  $339.7              $935.0  $907.4
                                           ======  ======              ======  ======
<FN>

3.     Basic  earnings  per share is based on the average number of common shares outstanding during the period.  Diluted
     earnings  per  share  is  based  on  the average number of shares used for the basic earnings per share calculation,
adjusted for  the  dilutive  effect  of  stock  options  and  restricted  stock  equivalents.

4.     In  the  six months ended March 31, 2003, Energizer recorded income of $6.0 pre-tax, $3.7 after-tax related to the
licensing of  intellectual  property  rights.

5.     Energizer  recorded  provisions  for  restructuring of $4.5 pre-tax, $2.9 after-tax in the quarter ended March 31,
2002  related  to  the  reorganization  of  its  European  operations.

     As  part  of  restructuring  plans announced in the fourth quarter of fiscal 2001, Energizer recorded provisions for
restructuring  of  $1.4, as  well  as  related  costs  for accelerated deprecation and inventory obsolescence of $2.6 in
the six months ended March  31,  2002.

     Total  provisions  for  restructuring  and  related  costs  related  to this plan were $4.0 pre-tax, $2.9 after-tax.

6.     In  the  quarter  ended  March  31,  2002,  Energizer recorded a bad debt reserve of $10.0 pre-tax, $6.1 after-tax
associated  with  the  bankruptcy  filing  of  Kmart.