Small appliances and personal care appliances maker Helen of Troy Ltd. reported fiscal year first-quarter FY 2014 net sales revenue of $304.5 million, up 1.4% from $300.2 million in 1Q FY 2013.
FY 1Q 2014 gross profit margin was 39.5%, compared to 40.4% in FY 1Q 2013.
FY 1Q 2014 operating income was $20.6 million, compared to $31.1 million FY 1Q 2013.
Net income was $14.4 million, compared to the previous year's net income of $23.5 million.
Adjusted operating income (operating income without non-cash asset impairment charges) was $32.7 million, from $31.1 million in the previous year, for an increase of 4.9%.
Adjusted income (net income without non-cash asset impairment charges) was $26.4 million, up 12.6% from $23.5 million.
Helen of Troy Chairman, CEO, and President Gerald J. Rubin said the company was off to a solid start to its 2014 fiscal year.
"Growth in our Housewares and Healthcare/Home Environment segments led to a net sales revenue increase for the Company, and we managed expenses well to deliver a 6.5% increase in adjusted EBITDA (EBITDA without non-cash asset impairment charges and non-cash share-based compensation) and a 10.8% increase in adjusted diluted EPS (diluted earnings per share without non-cash asset impairment charges)," Rubin said. "We continue to focus on innovation and are excited about our upcoming product launches in the baking and food storage categories in our Housewares segment and in the water filtration portion of our Healthcare/Home Environment segment. Our balance sheet remains strong and provides us with excellent flexibility to pursue our growth strategies. We remain comfortable with our outlook and in our ability to deliver on the objectives we have set for ourselves this year."
In fiscal year 2014, Helen of Troy expects net sales revenue in the range of $1.29 billion to $1.32 billion. The company expects capital expenditures for fiscal year 2014 to be in the range of $40 million to $45 million--about $33 million will go to completing a 1.3 million square foot distribution center in Olive Branch, MS.
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