Press release
Helen of Troy Limited Reports First Quarter Fiscal 2024 Results
Consolidated Net Sales Decline of 6.6% GAAP Diluted EPS of $0.94; Adjusted Diluted EPS of $1.94 GAAP Operating Margin Expansion of 190 Basis Points Cash Flow
About this update from Helen Of Troy Limited
[{"type":"text","content":"\nConsolidated Net Sales Decline of 6.6%\nGAAP Diluted EPS of $0.94; Adjusted Diluted EPS of $1.94\nGAAP Operating Margin Expansion of 190 Basis Points\nCash Flow from Operations of $121.1 Million, Increase of $159.5 Million\nFree Cash Flow(1)(2) of $109.2 Million, Increase of $223.8 Million\n\n\nFiscal 2024 Outlook:\nMaintains Consolidated Net Sales of $1.965-$2.015 Billion\nGAAP Diluted EPS of $3.81-$4.67; Maintains Adjusted Diluted EPS of $8.50-$9.00\nMaintains Adjusted EBITDA(1) Growth of 3.2%-6.3% and Free Cash Flow(1)(2) of $250-$270 Million\nMaintains Net Leverage Ratio(1)(3) Reduction to Between 2.0X and 1.85X by the End of Year\nProject Pegasus on Track to Deliver $20M Fiscal 2024 Savings Target\n\n\n EL PASO, Texas--(BUSINESS WIRE)--\nHelen of Troy Limited (NASDAQ: HELE), designer, developer, and worldwide marketer of branded consumer home, outdoor, beauty, and wellness products, today reported results for the three-month period ended May 31, 2023.\n\n\nDuring the fourth quarter of fiscal 2023, the Company made changes to the structure of the organization as part of its global restructuring plan, Project Pegasus. As a result of these changes, the disclosures included herein reflect two reportable segments, Home & Outdoor and Beauty & Wellness. The previous Health & Wellness and Beauty operating segments have been combined into a single reportable segment, which is referred to herein as “Beauty & Wellness.” Comparative prior period segment information has been recast to conform to this change in reportable segments.\n\n\nExecutive Summary – First Quarter of Fiscal 2024 Compared to Fiscal 2023\n\n\n\nConsolidated net sales revenue of $474.7 million, a decrease of 6.6%\n\n\n\nGross profit margin improvement of 380 basis points to 45.4% compared to 41.6%\n\n\n\nOperating margin of 8.6% compared to 6.7%\n\n\n\nAdjusted operating margin of 13.9% compared to 13.6%\n\n\n\nGAAP diluted EPS of $0.94 compared to $1.02\n\n\n\nNon-GAAP adjusted diluted EPS of $1.94 compared to $2.41\n\n\n\nNet cash provided by operating activities of $121.1 million compared to net cash used by operating activities of $38.4 million\n\n\n\nNon-GAAP adjusted EBITDA margin of 15.2% compared to 14.9%\n\n\n\nJulien R. Mininberg, Chief Executive Officer, stated: “I am pleased to report that first quarter financial performance exceeded our expectations des...