Hain Celestial Reports Fourth Quarter and Fiscal Year 2023 Financial Results

About this update from The Hain Celestial Group, Inc.

[{"type":"text","content":"Results Near High End of Expectations, Company Provides Fiscal 2024 Outlook Company Announces CFO Transition BOULDER, Colo., Aug. 24, 2023 (GLOBE NEWSWIRE) -- Hain Celestial Group (Nasdaq: HAIN) (“Hain”, “Hain Celestial” or the “Company”), a leading manufacturer of better-for-you brands to inspire healthier living, today reported financial results for the fourth quarter and fiscal year ended June 30, 2023. “I am pleased to report that our fourth quarter and full-year results were near the high end of our expectations. We made significant progress during the quarter in key areas including a return to growth for both Sensible Portions and Celestial Seasonings bagged tea and an increase in net sales for our international business, despite a slight decline in overall net sales compared to the prior year,” said Wendy P. Davidson, President and Chief Executive Officer. Davidson continued, “The actions we have taken to enhance our capabilities, organizational design, end-to-end supply chain, and brand building are beginning to drive positive momentum and set a solid foundation as we shape our future for sustainable growth. We are thinking differently about nearly every aspect of our business and are redefining what is possible as a global enterprise and as a leader in the better-for-you space. We are encouraged by these positive indicators as a precursor to our Hain Reimagined Strategy, which we will unveil at our Investor Day on September 13th. It is an exciting time to be at Hain.” FINANCIAL HIGHLIGHTS* Summary of Fourth Quarter Results Compared to the Prior Year Period Net sales decreased 2.0% compared to the prior year period to $447.8 million. When adjusted for foreign exchange, divestitures and discontinued brands, adjusted net sales decreased 1.5% compared to the prior year period. Gross profit margin was 22.5%, a 300-basis point increase from the prior year period. Adjusted gross profit margin was 22.7%, a 325-basis point increase from the prior year period. Net loss was $18.7 million compared to net income of $3.0 million in the prior year period. Adjusted net income was $10.0 million compared to $7.6 million in the prior year period. Net loss margin was (4.2%), a 490-basis point decrease compared to the prior year period. Adjusted net income margin was 2.2%, a 60-basis point increase compared to the prior year period. Adjuste...

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