Helen of Troy Q1 net sales down 6.1% to $508M; cuts FY2023 guidance

HELEN OF TROY LTD

2023-Q1 EPS reported $1.02 revenue$508,078,000

GAAP diluted EPS $1.02 vs $2.31; core adjusted diluted EPS $2.41, down 27.2% YoY.
Health & Wellness segment operating loss of $6.1M (3.6% margin) vs income of $11.2M a year ago.
Beauty segment net sales fell 26.9% to $104.9M; Home & Outdoor grew 21% on Osprey acquisition.
FY2023 outlook lowered: net sales $2.150-2.200B, adj. diluted EPS $9.85-10.35 from prior $10.80-11.50.
Company plans cost-reduction initiatives to improve efficiency, with benefits expected in FY2024.

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