Press release
Helen of Troy Limited Reports Third Quarter Fiscal 2024 Results
Consolidated Net Sales Decline of 1.6% GAAP Diluted EPS of $3.19; Adjusted Diluted EPS of $2.79 GAAP Operating Margin Expansion of 570 Basis Points Cash Flow
About this update from Helen Of Troy Limited
[{"type":"text","content":"\nConsolidated Net Sales Decline of 1.6%\nGAAP Diluted EPS of $3.19; Adjusted Diluted EPS of $2.79\nGAAP Operating Margin Expansion of 570 Basis Points\nCash Flow from Operations of $74.7 Million; $232.5 Million Year-to-Date\nFree Cash Flow(1)(2) of $65.6 Million; $202.8 Million Year-to-Date\n\n\nFiscal 2024 Outlook:\nNarrows Consolidated Net Sales to $1.975-$2.0 Billion\nNarrows GAAP Diluted EPS to $6.67-$7.05 and Adjusted Diluted EPS to $8.60-$8.85\nLowers Adjusted EBITDA(1) to $330-$335 Million; Growth of 0.8% to 2.3%\nMaintains 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 $20 Million 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 November 30, 2023.\n\n\nExecutive Summary – Third Quarter of Fiscal 2024 Compared to Fiscal 2023\n\n\n\nConsolidated net sales revenue of $549.6 million, a decrease of 1.6%\n\n\n\nGross profit margin improvement of 210 basis points to 48.0% compared to 45.9%\n\n\n\nOperating margin improvement of 570 basis points to 19.5% compared to 13.8%\n\n\n\nNon-GAAP adjusted operating margin of 16.3% compared to 16.6%\n\n\n\nGAAP diluted EPS of $3.19 compared to $2.15\n\n\n\nNon-GAAP adjusted diluted EPS of $2.79 compared to $2.75\n\n\n\nNet cash provided by operating activities of $74.7 million compared to $125.0 million\n\n\n\nNon-GAAP adjusted EBITDA margin of 17.8% compared to 17.9%\n\n\n\nNoel M. Geoffroy, current Chief Operating Officer and incoming Chief Executive Officer, stated: “I am pleased to report third quarter consolidated net sales and adjusted EPS that were slightly better than our expectation. During the quarter, we further expanded our gross margin by over 200 basis points, controlled expenses while still investing in our strategic initiatives, and built on the strong cash flow generation we have been delivering over the past five quarters with a further $66 million of free cash flow. This is a solid outcome in what continues to be a challenging macro consumer environment. We are pleased to be in a position to end the fiscal year within the ranges ...