Small appliance and personal care appliances producer Helen of Troy Ltd. reported record net sales revenue and record operating income for the first quarter of its 2013 fiscal year. The quarter ended May 31, 2012. Net sales revenue was up 10.6% to $300,211,000 from $271,467,000 in the same period of the prior year.
Housewares segment: 1Q net sales revenue in the Housewares segment was up 13.8% to $60,249,000 compared to $52,946,000 for the same period last year.
Personal Care segment: 1Q net sales revenue in the Personal Care segment was down 4.2% to $117,552,000 compared to $122,718,000 for the same period last year, which HoT said resulted from:
* a difficult retail environment in the U.S., Latin America, and Europe
* increased competitive trade promotional activities
* product availability issues with certain suppliers
* foreign currency fluctuations
Healthcare/Home Environment segment: 1Q net sales revenue in the Healthcare/Home Environment segment was up 27.8% to $122,410,000 compared to $95,803,000 for the same period last year, reflecting the addition of $24,291,000 of incremental sales from HoT's acquisition of the PUR water filtration business on Dec. 30, 2011.
Net income for the fiscal first quarter was $23,472,000 compared to $24,605,000 in the prior year first quarter, a decrease in net income of $1,133,000 or 4.6%.
Consolidated gross profit margin as a percentage of net sales revenue for the quarter decreased 0.1 percentage points to 40.4% compared to 40.5% for the same period last year.
Operating income for the fiscal 1Q was $31,148,000 compared to $30,654,000 in the same period last year, an increase of 1.6%.
"During the first quarter, we achieved record net sales revenue and record operating income," said HoT Chairman, CEO, and President Gerald J. Rubin. "Similar to other global consumer products companies, we faced many challenges in light of continuing consumer uncertainty and global economic problems. Our first quarter performance reflects record net sales revenue and operating income and we expect to achieve record net sales revenue and earnings per fully diluted share for fiscal year 2013."
However, based on first quarter and its outlook for a continuingly challenging retail sales environment, HoT adjusted its expectations for the full fiscal year. "While we still expect net sales revenue for fiscal year 2013 to be in the range of $1.3 billion to $1.325 billion, we now expect earnings per fully diluted share to be in the range of $3.70 to $3.80 for fiscal year 2013, compared to our previous guidance of $3.80 to $3.90," Rubin concluded.
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