Tue, Jul 9, 11:02 AM (104 days ago)
Helen of Troy Limited's quarterly report for the period ending May 31, 2024, reveals a 12.2% decline in net sales revenue to $416.8 million, driven by decreased consumer demand, shifts in spending, and reduced retail orders. Gross profit margin increased by 3.3 percentage points to 48.7%, attributed to favorable segment mix and lower commodity costs. However, SG&A expenses rose, negatively impacting operating income, which fell 24.3% to $30.8 million. The effective tax rate jumped to 66.1% due to new Barbados tax legislation, reducing net income by 72.5% to $6.2 million. The company continues with Project Pegasus restructuring, incurring $1.8 million in related costs. Future operations are focused on enhancing efficiency and achieving targeted annualized pre-tax operating profit improvements of $75-$85 million by fiscal 2027.