Helen of Troy reported slight gains for the second quarter ended August 31, with the housewares segment again driving growth.
The company posted a consolidated net sales revenue increase of 2.8% to $378.5 million compared to $368.2 million in the comparable quarter the previous year. Company officials said several factors including new product introductions, online customer growth, incremental distribution and growth in international sales contributed to the sales bump. Net income was $8.9 million, or $0.33 per diluted share, compared to $28.4 million, or $1.00 per diluted share in the same quarter the prior year.
Housewares core net sales increased by 8.3% reflecting growth in online channel sales, incremental distribution with existing customers, expanded international and U.S. distribution, and new product introductions for both Hydro Flask and Oxo. Health & Home net sales increased 2.4% reflecting growth in online channel sales, strong sales in certain seasonal categories, incremental distribution with existing customers, new product introductions and growth in international sales.
Beauty core business net sales were unchanged at $84.6 million. Growth was offset by declines in the personal care category due primarily to competitive conditions, the company said. In an effort to enhance the segment’s performance, the Helen of Troy officials said it plans to restructure the business as a part of Project Refuel. The restructuring will have a high concentration on the personal care business within Beauty. Nutritional Supplements net sales decreased 5.6%.
