Business
Hain Celestial Reports Fiscal Second Quarter 2024 Financial Results
Company Delivers on Promise of Sequential Improvement and Fuel Generation through Hain Reimagined Strategy HOBOKEN, N.J., Feb. 07, 2024 (GLOBE NEWSWIRE) --
About this update from The Hain Celestial Group, Inc.
[{"type":"text","content":"Company Delivers on Promise of Sequential Improvement and Fuel Generation through Hain Reimagined Strategy\nHOBOKEN, N.J., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Hain Celestial Group (Nasdaq: HAIN), a leading manufacturer of better-for-you brands to inspire healthier living, today reported financial results for the fiscal second quarter ended December 31, 2023. “We are pleased with the continued progress we are making on key pillars of our Hain Reimagined strategy, generating fuel through working capital management and productivity savings, driving growth through channel expansion and building our organizational capabilities to scale our brands, expand our margins, and transform our business for sustained performance,” said Wendy Davidson, President and Chief Executive Officer. “This progress contributed to results in the second quarter which demonstrate sequential improvement in top- and bottom-line trends.” Davidson added, “We are positioned to return to overall growth in the back half of the year, despite the challenging macroeconomic environment. Our North America Snacks launch of Garden Veggie™ Flavor Burst™, supported by a robust omnichannel launch plan, is setting up to be the strongest new product launch in recent company history, gaining outstanding acceptance across national and regional retailers and pre-order availability with online partners. Furthermore, we continue to earn incremental distribution across retail, away-from-home and e-commerce channels in our core growth categories of Snacks, Baby & Kids and Beverages. We are making steady progress, advancing towards the reimagination of our business and creation of a sustainable and profitable growth model.” FINANCIAL HIGHLIGHTS* Summary of Fiscal Second Quarter Results Compared to the Prior Year Period Net sales were flat year-over year at $454.1 million, an improvement sequentially from the first quarter decrease of 3.3% Organic net sales, defined as net sales adjusted to exclude the impact of acquisitions, divestitures and discontinued brands, increased 0.2% compared to the prior year period, an improvement sequentially from the first quarter decrease of 2.9%. The increase in organic net sales is inclusive of approximately 2.2 percentage points of benefit from foreign exchange. Gross profit margin was 22.5%, a 40-basis point decrease from the prior year period. Adjus...