Friday January 10th, 2014 - 10:26AM
Helen of Troy Limited has posted results for the third quarter ended November 30, 2013, which include net income of $37.5 million, or $1.16 per fully diluted share, versus $37.7 million, or $1.18 per fully diluted share, in the year earlier period. Net sales revenue increased 1.6% to a $380.7 million compared to $374.6 million in period in 2013.
A Thomson Reuters average analyst estimate called for earnings of $1.09 per share in the quarter.
Gerald Rubin, president, CEO and chairman of the board, said in commenting on the financial results, “We continued our positive momentum during the quarter, increasing consolidated sales revenue, operating income and adjusted EBITDA. Sales growth was led by our Housewares segment, through the extension of OXO categories, as well as expanded shelf space and assortments at several key retailers. Better product mix and new product introductions supported by effective marketing strategies drove sales growth in our Healthcare/Home Environment segment. While our Personal Care segment continues to face a challenging retail environment, which pressured sales, we increased profitability in this segment. I am pleased with how our team continues to diligently manage expenses in order to mitigate product cost increases, which resulted in a decline in our selling, general and administrative expense as a percentage of sales revenue, and increased operating profitability in the quarter on a year-over-year basis.”
Rubin noted that in the quarter, “we began shipping out of our new 1.3-million-square-foot distribution facility in Olive Branch, MS, and expect to complete the transition of our domestic Personal Care appliance distribution operations to the new facility, on schedule, in the first quarter of fiscal year 2015. Together with our 1.2-million-square-foot distribution facility in Southaven, MS, this new facility gives us 2.5 million square feet in the region and the ability to continue to grow our business.”