EL PASO, Texas (BRAIN) — Helen of Troy reported net sales for the first quarter fell 6.6% year-over-year with the Home & Outdoor group, which includes brands Osprey and Hydro Flask, declining 7.3%.
Consolidated net sales for the quarter ending May 31 were $474.7 million, compared with $508.1 at the same time last year. The Home & Outdoor group net sales were $217.1 million, compared with $234.2 million at the same time last year.
CEO Julien R. Mininberg said despite the net sales decline, the report exceeded expectations despite "continued pressure on certain categories from lower consumer demand and shifting buying patterns."
The Home & Outdoor revenue decrease was driven in part by the impact of the Bed, Bath & Beyond bankruptcy, according to Helen of Troy, which added it was partially offset by online demand for travel-related products in the outdoor category.
Net income for the quarter fell 4.8%, from $24.5 million to $22.6 million year-over-year. Earnings per share was $0.94, compared with $1.02 at the same time last year, decreasing 7.8%.
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.
