Helen of Troy Ltd. (HELE), a consumer products company, reported Monday weak profit and net sales in its first quarter. Meanwhile, adjusted earnings per share and revenues topped market estimates.
Further, the company maintained its outlook for fiscal year 2024.
In pre-market activity on Nasdaq, Helen of Troy shares were gaining around 10.6 percent to trade at $124.50.
The first-quarter net income was $22.58 million, down 8.2 percent from $24.60 million last year. Earnings per share were $0.94, compared to $1.02 last year.
Adjusted earnings per share were $1.94, compared to $2.41 in the prior year.
On average, six analysts polled by Thomson Reuters expected earnings of $1.6 per share for the quarter. Analysts’ estimates typically exclude special items.
Consolidated net sales revenue dropped 6.6 percent to $474.67 million from last year’s $508.08 million, primarily driven by a decrease from Organic business of 7.7 percent.
Analysts expected sales of $465.36 million for the quarter.
The company said the first-quarter financial performance exceeded expectations despite continued pressure on certain categories from lower consumer demand and shifting buying patterns.
Looking ahead, the company continues to expect earnings per share of $3.81 to $4.67 and adjusted earnings per share in the range of $8.50 to $9.00, a decline of 10.1 percent to 4.8 percent.
The company continues to expect consolidated net sales revenue in the range of $1.965 billion to $2.015 billion, which implies a decline of 5.2 percent to 2.8 percent.
Analysts expect earnings of $8.49 per share on sales of $1.99 billion for the year.
The outlook includes a year-over-year decline of 1.7 percent, from the removal of Bed, Bath & Beyond revenue from the outlook, and a similar sized reduction from the Pegasus SKU rationalization initiative.
Helen Of Troy continues to expect the majority of its net sales growth to be concentrated in the third quarter of fiscal 2024 and adjusted earnings per share growth to be concentrated in the third and fourth quarters of fiscal 2024.
The company expects a decline in net sales of approximately 8 percent to 6 percent in the second quarter of fiscal 2024.
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