Helen of Troy stock surges after profit and sales fall but beat expectations
Shares of Helen of Troy Ltd. (HELE) surged 4.1% toward a five-month high in premarket trading Monday, after the consumer products company reported fiscal first-quarter profit and sales that beat expectations. The company, with brands including Vicks, Braun and Hydro Flask, said results beat expectations despite continued pressure on certain categories from lower consumer demand and shifting buying patterns. Net income for the quarter to May 31 fell to $22.6 million, or 94 cents a share, from $24.6 million, or $1.02 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.94 beat the FactSet consensus of $1.68. Sales fell 6.6% to $474.7 million but was above the FactSet consensus of $465.4 million. Gross margin improved to 45.4% from 41.6%. The company reiterated its fiscal 2024 adjusted EPS of $8.50 to $9.00. The company said it believes the severity of the cold and flu season will be in line with pre-COVID historical ranges. The stock has run up 26.5% over the past three months through Friday while the S&P 500 has gained 7.1%.
-Tomi Kilgore
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07-10-23 0701ET
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