Press release
Helen of Troy Limited Reports Second Quarter Fiscal 2024 Results
Consolidated Net Sales Decline of 5.7% GAAP Diluted EPS of $1.14; Adjusted Diluted EPS of $1.74 GAAP Operating Margin Expansion of 50 Basis Points Cash Flow
About this update from Helen Of Troy Limited
[{"type":"text","content":"\nConsolidated Net Sales Decline of 5.7%\nGAAP Diluted EPS of $1.14; Adjusted Diluted EPS of $1.74\nGAAP Operating Margin Expansion of 50 Basis Points\nCash Flow from Operations of $36.7 Million, Increase of $73.7 Million\nFree Cash Flow(1)(2) of $28.0 Million, Increase of $101.5 Million\nCompany Reaches Agreement with Brian Grass to Remain CFO\n\n\nFiscal 2024 Outlook:\nMaintains Consolidated Net Sales of $1.965-$2.015 Billion\nIncreases GAAP Diluted EPS to $6.36-$7.03; 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 August 31, 2023.\n\n\nExecutive Summary – Second Quarter of Fiscal 2024 Compared to Fiscal 2023\n\n\n\nConsolidated net sales revenue of $491.6 million, a decrease of 5.7%\n\n\n\nGross profit margin improvement of 420 basis points to 46.7% compared to 42.5%\n\n\n\nOperating margin of 9.5% compared to 9.0%\n\n\n\nNon-GAAP adjusted operating margin of 12.7% compared to 13.9%\n\n\n\nGAAP diluted EPS of $1.14 compared to $1.28\n\n\n\nNon-GAAP adjusted diluted EPS of $1.74 compared to $2.27\n\n\n\nNet cash provided by operating activities of $36.7 million compared to net cash used by operating activities of $37.0 million\n\n\n\nNon-GAAP adjusted EBITDA margin of 14.6% compared to 15.1%\n\n\n\nRepurchased 381,200 shares of common stock in the open market during the quarter for $50 million\n\n\n\nJulien R. Mininberg, Chief Executive Officer, stated: “During the quarter we delivered net sales and adjusted EPS at the high end of our expectations. I’m pleased with the consistency of our results as we work toward returning to growth. During the quarter we achieved our revenue expectations for the majority of our Leadership Brands and international performance was particularly strong. We continued to support important new product launches, significantly increased gross margin, and returned value to shareholders through share repurchase. ...