Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Helen of Troy Reports Record Sales for Fiscal 2003
May 13, 2003
 Printable format
 Email this Article
 Search
Personal care appliance maker Helen of Troy Limited today reported record sales and earnings for the fourth quarter and year ended Feb. 28, 2003.

Fourth quarter sales increased to U.S. $102,286,000, from $101,460,000 in the same period of the prior year. Net income for the quarter was $6,457,000 or $0.22 per diluted share, compared with $4.35 million or $0.15 per diluted share for the same period a year earlier, an increase in net income of 48 percent.

Net sales for the 12 months increased 2.6 percent to a record $458.8 million in fiscal 2003, versus $447.3 million in fiscal 2002. Net income rose to a record $38.7 million or 33-percent higher than the $29.2 million reported in fiscal 2002. Net income per diluted share increased 31 percent to a record $1.31 in fiscal 2003 compared to $1.00 per diluted share in fiscal 2002.

Gerald J. Rubin, chairman, CEO, and president, commented on the results for the quarter, stating: "We are very pleased with our record results for the fourth quarter and year ended Feb. 28, 2003. We are encouraged that our business has again been able to achieve very positive results in a quarter impacted by difficult winter weather conditions, and a worldwide retail shopping slowdown. The fourth quarter is traditionally one of the company's slowest selling quarters, so we are pleased with our strong results. We anticipate the retail environment will continue to be challenging for the foreseeable future, but we will not relax from our commitment to meet the needs of our retail partners and the end consumer.

"Total sales for the fourth quarter were $102.3 million, up slightly from prior year at $101.5 million. Quarterly sales of the Company, exclusive of our Tactica segment, increased by 22 percent to $89.7 million. This growth was led primarily from sales of the six brands acquired from Procter & Gamble Company during our third quarter. Excluding the sales of the six newly acquired brands and Tactica sales, Helen of Troy sales increased 9.7 percent. Fourth quarter Tactica sales were $12.6 million and International sales contributed $8.0 million. Brands leading the sales increases in our North American segment this past quarter and year were Vidal Sassoon, Dr. Scholl's and Wave Rage. Our Professional distribution channel continued to contribute double digit growth, led by our Hot Tools and Wigo brands. Sales in the United Kingdom and France led sales growth in our International segment.

"Gross margins for the fourth quarter were 44.2 compared to 46.0 percent for the prior year. Full year margins were 46.0 percent versus 46.6 percent in the prior year. Selling, general and administrative (SG&A) expenses declined for the quarter to 34.7 percent of net sales from 39.3 percent for the prior year's quarter, while full-year SG&A expenses declined to 34.5 percent from 37.3 percent. Fourth quarter operating margins improved significantly to 9.5 percent, from 6.7 percent for the fourth quarter last year. Full-year operating margins increased to 11.5 percent from 9.3 percent.

"Based on our solid performance for fiscal year 2003, we expect sales for fiscal year 2004, ending Feb. 29, 2004, to be in the range of $500 to $515 million or approximately 9 to 12 percent above the prior year sales of $459 million. Fiscal 2004 first-quarter earnings are expected to be $0.24 to $0.25 per diluted share, an increase of 9 to 14 percent from last year's first-quarter earnings per share of $0.22 per diluted share. Full-year earnings per share for fiscal 2004 are anticipated to be in the range of $1.45 to $1.50, or an increase of 11 to 15 percent above the prior year's $1.31 per share. " He continued: "Sales have increased in 33 of the past 36 quarters, with net income increasing in 32 of these 36 quarters, demonstrating consistent financial performance over the past nine years. Next year sales are expected to surpass $500 million for the first time in our company's 35-year history. Based upon the momentum we have experienced over the past year, and our expectation for that momentum to continue through the current year, we are anticipating fiscal year 2004 to be another record year in both sales and earnings. We are also pleased to announce that Tactica International has licensed the SingerĀ® trademark for North America (United States and Canada), to manufacture and distribute floor care products."

The company will conduct a teleconference in conjunction with today's release at 11 a.m. U.S. Eastern Standard Time.

Back to Daily News

 

Daily News

...........................................................

Jul 29, 2014: Jarden Reports Record Net Sales in 2Q

Jul 29, 2014: LG USA Names VanderWaal to Head Marketing

Jul 29, 2014: Smart Meters May Provide An Entrance Point for Cyber Attacks on the Connected Home

Jul 29, 2014: TCL Will Manufacture Portable HVAC Equipment for Soleus Air

Jul 29, 2014: HVACR Contractors Outlook Remains Positive

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows