Helen of Troy's 3Q Profit Drops 34%
Jan 14, 2009
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Helen of Troy Ltd. profits fell 34% in 3Q due in part to consumer spending cutbacks and the liquidation of housewares retailer Linens 'n Things. Earnings for the quarter ended Nov. 30 fell to US$15.1 million from $22.8 million in the same quarter of 2007. Helen of Troy said foreign exchange losses reduced earnings by $5 million.

Sales fell 11.8% to $185.6 million from $210.3 million in the third quarter of the prior year. Housewares segment sales fell 4.3% to $45.3 million from $47.4 million in the prior-year period. Helen of Troy noted that the liquidation of Linens 'n Things during the quarter hurt sales in that segment. Personal care segment sales dropped 13.9% to $140.3 million, from $163 million.

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