Helen of Troy Ltd. (HELE) announced Wednesday second-quarter net income of $27.38 million or $1.14 per share, down from $30.67 million or $1.28 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $1.74 per share, compared to $2.27 per share in the year-ago quarter.
Consolidated net sales revenue for the quarter declined 5.7 percent to $491.56 million from $521.40 million in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.64 per share on revenues of $485.0 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company continues to project consolidated adjusted earnings in the range of $8.50 to $9.00 per share on consolidated net sales revenue between $1.965 billion and $2.015 billion.
The Street is looking for earnings of $8.91 per share on revenues of $2.0 billion for the year.
The company said it now expects the majority of its net sales growth to be concentrated in the fourth quarter of fiscal 2024 and expects a decline in net sales of approximately 4% to 2% in the third quarter of fiscal 2024
The Company also announced today an agreement with Brian Grass to remain Chief Financial Officer, effective as of September 23, 2023. Grass has been serving as interim CFO since April 28, 2023.
Accordingly, the company expects growth in adjusted diluted EPS in the range of 1.5% to 12% in the second half of fiscal 2024, with growth highly concentrated in the fourth quarter. The company now expects adjusted diluted EPS to be roughly flat in the third quarter.
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