EL PASO, Texas (BRAIN) — Helen of Troy's third quarter net sales fell 10.6% year-over-year for the period that ended Nov. 30.
Consolidated net sales revenue was $558.6 million, compared with $624.8 million at the same time last year. The Home & Outdoor group, which includes brands Osprey and Hydro Flask, had net sales decline 7%, from $246.1 million to $228.9 million.
"While the operating environment remained difficult, our third-quarter financial performance exceeded our expectations," said CEO Julien R. Mininberg.
Net income for the quarter fell 12.1%, from $51.8 million to $75.6 million year-over-year. Earnings per share was $2.15, compared with $3.10 at the same time last year, decreasing 30.6%.
"Regarding our outlook for this fiscal year, we are raising the bottom of our range for both sales and adjusted EPS," Mininberg said. "Consumption remains soft in certain categories and some retailers are continuing to reduce their orders as they sell down their inventory. We are, however, encouraged to see trade inventory at some key retailers start to better align with sell-through, as well as stabilization and modest improvement in market share for certain categories such as Beauty appliances."
Helen of Troy also announced it is combining the Health & Wellness and Beauty segments into Beauty & Wellness and will create a North America Regional Market Organization responsible for sales and go-to-market for all categories and channels in the U.S. and Canada.
Helen of Troy's corporate headquarters is in El Paso, Texas, and its stock is traded on the NASDAQ under the HELE symbol. Stock quote at Marketwatch.com.
