Small appliance maker Helen of Troy reported net sales revenue was up 1.4% to $304.5 million in the first quarter of its 2014 fiscal year, compared to $300.2 million in the first quarter of fiscal year 2014. The company saw growth in Housewares and Healthcare/Home Environment segments, which helped boost net sales revenue.
The first quarter of HoT's fiscal year 2014 ended May 31, 2013.
HoT's gross profit margin in the quarter was 39.5% compared to 40.4% for the same period of the previous year, reflecting increased promotional program costs, the effect of foreign currency exchange rates and product cost increases across all segments.
Operating income was $20.6 million. Net income was $14.4 million. Adjusted operating income (operating income without non-cash asset impairment charges) was $32.7 million, up of 4.9% from $31.1 million for the same period in the previous year.
Helen of Troy sells small electric housewares appliances and personal care appliances under a variety of brand names, including Vicks, Braun, Honeywell, PUR, Revlon, Vidal Sassoon, and Dr. Scholl's.
"We are off to a solid start in fiscal year 2014," said Chairman, President, and CEO Gerald J. Rubin. "Growth in our Housewares and Healthcare/Home Environment segments led to a net sales revenue increase for the company, and we managed expenses well to deliver a 6.5% increase in adjusted EBITDA (EBITDA without non-cash asset impairment charges and non-cash share-based compensation) and a 10.8% increase in adjusted diluted EPS (diluted earnings per share without non-cash asset impairment charges)."
Rubin said the company continues to focus on innovation and plans product launches in the baking and food storage categories in the company's Housewares segment and in the water filtration portion of its Healthcare/Home Environment segment.
For fiscal year 2014, Helen of Troy expects net sales revenue to be in the $1.29 billion to $1.32 billion range.
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