(RTTNews) – Helen of Troy Limited (HELE) reported that its second quarter non-GAAP adjusted EPS was $2.27, down 14.3% from a year ago. Non-GAAP adjusted EPS was $2.27, down 14.3%. The company noted that the decrease in adjusted EPS was mainly due to lower adjusted operating income from the Beauty segment and higher interest expense. On average, five analysts polled by Thomson Reuters expected the company to report earnings per share of $2.21 for the quarter. Analyst estimates generally exclude special items.
Net profit decreased to $30.67 million from $51.32 million the previous year. GAAP EPS was $1.28, down from $2.11.
Consolidated net sales were $521.4 million, an increase of 9.7% over a year ago. Core business net sales increased 11.1% in the quarter. Analysts had estimated an average of $518.43 million in revenue.
Julien Mininberg, CEO, said: “Although we published results in line with our expectations for the quarter, we see that consumers are increasingly adjusting their consumption habits in response to rising inflation and the impact of rising interest rates, particularly in our premium segments in some countries. Additionally, retailers continue to adjust inventory to better align with their updated sales forecast. We expect the current external operating environment to remain very challenging, requiring us to downgrade our outlook for fiscal year 2023.”
For fiscal 2023, the company now expects GAAP Adjusted EPS of $4.26 to $4.93 and consolidated non-GAAP Adjusted EPS in the range of $9.00 to 9, $40, which implies a decrease in consolidated adjusted EPS in the range of 27.2% to 23.9%, and a decrease in basic adjusted EPS in a range of 26.1% to 22.8%.
The company now expects consolidated net revenue for fiscal 2023 to be between $2.00 billion and $2.05 billion, implying a decline of 10.0% to 7.8%, and a decline in l main activity from 8.6% to 6.4%. The company now expects a roughly ten percent sales decline in the third quarter and a steep sales decline in the fourth quarter.
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