Helen of Troy Limited reports sales decline for Q1 ended May 31
12 Jul '05
4 min read
While this is an improvement over our fourth quarter fiscal year 2005 decline in personal care sales of 11 percent, we were disappointed that the improvement in our personal care sales from last year's fourth quarter was not as large as we had expected. Our sales leaders during the first quarter were OXO International products, the domestic Idelle Labs skin care products, and Latin American sales of hair care appliance products.
"They are currently building a 1,200,000 square foot distribution center in Southaven, Mississippi, that will expand our eastern United States capacity to accommodate the distribution needs of OXO International and future business expansion.
The state of the art warehouse and distribution center will increase the Company's presence in Southaven, Mississippi to 1,200,000 square feet from 619,000 square feet.
This new distribution center is expected to be fully operational by the first quarter of calendar year 2006.
"As of May 31, 2005, Helen of Troy's balance sheet remains strong, with cash of $7 million and stockholders' equity of $434 million, an increase of $66 million in stockholders' equity from the comparable period last year. Our accounts receivable at quarter-end was $112 million.
"They are reiterating our fiscal year sales and net earnings guidance provided last quarter, with sales in the range of $615 million to $640 million, and net earnings in the range of $2.50 to $ 2.60 per diluted share," Rubin concluded.
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