EL PASO, Texas (BRAIN) — Helen of Troy reported second-quarter net sales growth of 9.7% year-over-year, with its Home & Outdoor group experiencing an 11.8% increase.
The Home & Outdoor group, which includes brands Osprey and Hydro Flask, had net sales of $215.3 million for the quarter ending Aug. 31. Company-wide, Helen of Troy net sales were $521.4 million, compared with $475.2 million at the same time last year.
"Although we reported results in-line with our expectations for the quarter, we see consumers increasingly adjusting their spending patterns in response to rising inflation and the impact of higher interest rates, particularly in our premium segments in some categories," said CEO Julien R. Mininberg.
"Additionally, retailers continue to adjust their inventories to better align with their updated sales forecasts. We expect the current external operating environment to remain highly challenging, causing us to lower our fiscal year 2023 outlook. Our entire organization is hard at work on optimizing results in this environment while executing the most important strategic projects."
Net income for the quarter fell 40%, from $51.3 million to $30.6 million year-over-year. Earnings per share was $1.28, compared with $2.11 at the same time last year, decreasing 39%.
Helen of Troy's corporate headquarters is in El Paso, Texas, and its stock is traded on the NASDAQ under the HELE symbol. Stock quote at Marketwatch.com.
