Helen of Troy Ltd. (HELE) announced Thursday first-quarter net income of $24.6 million or $1.02 per share, down from $57.0 million or $2.31 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $2.41 per share, compared to $3.48 per share in the year-ago quarter. Core adjusted earnings were $2.41 per share, compared to $3.31 per share last year.
Consolidated net sales revenue for the quarter declined 6.1 percent to $508.08 million from $541.22 million in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.54 per share on revenues of $484.48 million for the quarter. Analysts’ estimates typically exclude special items.
Looking ahead to fiscal 2023, the company now projects consolidated earnings in a range of $6.51 to $7.11 per share and consolidated adjusted earnings in a range of $9.85 to $10.35 per share on consolidated net sales revenue between $2.15 billion and $2.20 billion.
Previously, the company expected consolidated earnings in a range of $9.92 to $10.38 per share and consolidated adjusted earnings in a range of $12.73 to $13.03 per share on consolidated net sales revenue between $2.38 billion and $2.42 billion.
The Street is looking for earnings of $13.17 per share on revenues of $2.35 billion for the year.
Further, the company expects consolidated adjusted earnings for the second quarter to decline in the mid-teens, for the third quarter to decline in low-double digits and for the fourth quarter to decline in the mid-single digits.
The company also expects consolidated net sales revenue for the second quarter to grow in the low-double digits, for the third quarter to be approximately flat and for the fourth quarter to decline in the low double digits.
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