Hain Celestial Reports Fiscal Third Quarter 2023 Financial Results

About this update from The Hain Celestial Group, Inc.

[{"type":"text","content":"New CEO Taking Steps to Shape Future for Growth\nBOULDER, Colo., May 09, 2023 (GLOBE NEWSWIRE) -- The Hain Celestial Group, Inc. (Nasdaq: HAIN) (“Hain Celestial” or the “Company”), a leading global organic and natural products company providing consumers with A Healthier Way of Life®, today reported financial results for the third quarter ended March 31, 2023. Wendy Davidson, Hain Celestial President and Chief Executive Officer, said, “Hain has undergone a significant transformation over the past four years, and we’re continuing to design an operating model that will enable sustainable scalability and growth for the future. We’ve simplified our portfolio of brands—many of which are number one or number two in their categories—to provide the focus needed to reach their full potential. We have taken meaningful actions to enhance and build capabilities that are already driving operating improvement and efficiencies, especially within supply chain and service levels. And we’ve begun reinvesting in brand building to regain momentum and share.” Chris Bellairs, Hain Celestial Chief Financial Officer, added, “While our Q3 results were weaker than expected, mainly driven by topline performance in our North America business, we saw strong double-digit growth among our Greek Gods® yogurt and Earth’s Best® brands in the U.S., and our International business continues to stabilize and improve in better-for-you snacking and non-dairy beverage.” Ms. Davidson continued, “I remain confident in the long-term potential of our business and want to thank the team for their continued passion and dedication as we fuel our future for sustainable growth and maintain our position as a leading organic and natural company.” FINANCIAL HIGHLIGHTS*Summary of Third Quarter Results Compared to the Prior Year Period Net sales decreased 9% to $455.2 million compared to the prior year period.When adjusted for foreign exchange, acquisitions, divestitures and discontinued brands, net sales decreased 6% compared to the prior year period.Gross profit margin was 21.4%, a 160-basis point decrease from the prior year period.Adjusted gross profit margin was 21.4%, a 200-basis point decrease from the prior year period.Net loss was $115.7 million compared to net income of $24.5 million in the prior year period; net loss margin was 25.4% compared to net income margin of 4.9% ...

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