Helen of Troy Ltd, maker of small and personal care appliances, reported that third quarter net sales revenue was a record $380.7 million, up 1.6% compared to $374.6 million in the third quarter of fiscal year 2013.
Helen of Troy's 2014 fiscal year third quarter ended Nov. 30, 2013.
Gross profit margin in the quarter was 38.8% compared to 39.6% for the same period of the previous year. The decrease reflected higher promotional costs, negative effects from foreign currency exchange rates, and product cost increases across all segments.
Operating income was a record $49.4 million, up 5.0% from $47.1 million in the same period of the previous fiscal year. Net income was $37.5 million, little changed from $37.7 million in the third quarter of fiscal year 2013.
In the first nine months of its 2014 fiscal year, Helen of Troy reported net sales revenues were up 4.4%, to a record $1,004.6 million, from $962.2 million in the first nine months of fiscal year 2013.
Gross profit margin in the first nine months of fiscal 2014 was 38.9%, compared to 40.2% in the previous year's first nine months. Operating income was $100.4 million, compared to $109.0 million in the same period in the previous fiscal year. Net income was $75.2 million, compared to $84.2 million in the first nine months of fiscal year 2013.
Helen of Troy continues to expect net sales revenue for the full 2014 fiscal year to be in the range of $1.29 billion to $1.32 billion.
"We continued our positive momentum during the quarter, increasing consolidated sales revenue, operating income and adjusted EBITDA," said Gerald J. Rubin, chairman, CEO, and president. "Sales growth was led by our Housewares segment, through the extension of OXO categories as well as expanded shelf space and assortments at several key retailers. Better product mix and new product introductions supported by effective marketing strategies drove sales growth in our Healthcare/Home Environment segment.
Rubin noted that, in the third quarter, the company began shipping out of a new 1.3 million square foot distribution facility in Olive Branch, MS. The company expects to complete the transition of domestic Personal Care appliance distribution operations to the new facility, on schedule, in the first quarter of fiscal year 2015.
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