Personal care appliance and electric housewares OEM Helen of Troy Ltd. had record net sales revenue and record net income for the second quarter and six months ended August 31, 2011.
Second quarter net sales revenue was $277,420,000 versus net sales revenue of $174,823,000 in 2Q of the previous year, for an increase of 58.7%, due largely to the acquisition of Kaz, Inc. on Dec. 31, 2010. Second quarter net income was $23,593,000, up from $23,473,000 in 2Q of the previous year.
Net sales revenue for the six months ended Aug. 31, 2011 was $548,887,000 versus net sales revenue of $334,976,000 in the first half of the previous year, an increase of 63.9%, also due largely to the Kaz acquisition. Net income for the first half of this fiscal year was $48,198,000, up 15.1% from $41,860,000 in the first half of the previous year.
Gerald J. Rubin, chairman, CEO, and president, said he was pleased with the results "in a difficult retail environment."
"Operating income increased by 9.7% and 21.1% for the three- and six-months ended August 31, 2011," Rubin added. "The integration of Kaz continues to progress well and according to our expectations. The impact of seasonality on our consolidated results has become more pronounced with the addition of our new Healthcare / Home Environment segment. We expect that a significant portion of the new segment's operating income will be earned in the last two quarters of the fiscal year."
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