Helen of Troy Reports 67 Percent Gain in Net for Third Quarter
EL PASO, Texas-Net income for Helen of Troy's third fiscal quarter jumped 67 percent to $24.7 million.
The company's results for the quarter received boosts from net sales, which rose 2 percent to $189.4 million; cost of goods sold, which fell 5.5 percent; and from a 37 percent reduction in interest expense. Selling, general and administrative expenses edged up 0.2 percent in the quarter, but dropped 50 basis points as a percentage of net sales. At the end of the third quarter, the company's inventories were down 24 percent versus the end of the third quarter in the prior fiscal year.
Helen of Troy also said net sales in its housewares segment rose 22 percent in the quarter. This was somewhat offset by a 4.4 percent drop in net sales from the personal-care segment.
Gerald Rubin, chairman, president and chief executive officer, said, Helen of Troy will continue its efforts to control expenses, increase sales and boost gross margins in the year ahead.