Helen of Troy Limited has reported results for its first quarter of fiscal year 2014, the three month period ended May 31, 2013. The company’s first quarter consolidated operating results included a net sales revenue increase of 1.4% to $304.5 million compared to $300.2 million in the first quarter of fiscal year 2013.
The company reported that net income was $14.4 million in the first quarter, which compares to net income in the first quarter of fiscal year 2013 of $23.5 million. Adjusted income (net income without non-cash asset impairment charges) was $26.4 million, or $0.82 per fully diluted share, compared to $23.5 million, or $0.74 per fully diluted share, in the first quarter of fiscal year 2013.
Gerald Rubin, chairman, CEO and president, commented, “We are off to a solid start in fiscal year 2014. Growth in our housewares and healthcare/home environment segments led to a net sales revenue increase for the company, and we managed expenses well to deliver a 6.5% increase in adjusted EBITDA and a 10.8% increase in adjusted diluted EPS. We continue to focus on innovation and are excited about our upcoming product launches in the baking and food storage categories in our housewares segment and in the water filtration portion of our healthcare/home environment segment. Our balance sheet remains strong and provides us with excellent flexibility to pursue our growth strategies. We remain comfortable with our outlook and in our ability to deliver on the objectives we have set for ourselves this year.”