Helen of Troy Limited reported record first quarter net sales revenue and record first quarter net income for the quarter ended May 31, 2010.
First quarter net sales revenue was $160,153,000 versus net sales revenue of $143,873,000 in the same period of the prior year, an increase of 11.3%. First quarter net sales revenue in the personal care segment increased 10.9% to $112,228,000 compared to $101,185,000 for the same period last year. Operating income in the personal care segment, before impairment charges of $501,000 in the current quarter, was $13,583,000 compared to $10,593,000 in the prior quarter, an increase of 28.2%, due primarily to the recent successful acquisitions of the Infusium 23, Pert Plus and Sure brands.
Gerald J. Rubin, chairman, CEO and president, commenting on the company's first quarter results, stated, "We continue to execute well across all of our market segments. During the first quarter, our net sales revenue and net income increased in both our housewares and personal care segments. We are pleased that we were able to deliver record net income for the first quarter in an uncertain sales environment.
"As of May 31, 2010, Helen of Troy's balance sheet remained strong, with cash and cash equivalents of $47,604,000, working capital of $214,408,000, and shareholders' equity of $606,325,000.
"We are firmly committed to executing our strategic plan for fiscal year 2011, even as the economic environment remains challenging. The major components of our strategic plan include the following:
- Continued growth and expansion of OXO product lines;
- Continued investment in new product line development and introductions to gain market share;
- Integration and development of our new Pert Plus and Sure product lines;
- Continued sourcing and product cost management initiatives to offset expected commodity and in-bound transportation cost increases;
- Continued implementation of productivity initiatives to reduce operating expenses; and
- Pursuit of additional acquisitions of complementary businesses or product lines.
"Our first quarter performance lays a solid foundation for the current year. As a leader in our product categories to our retail partners, we believe we are well-positioned to achieve record net sales revenue and record net income for Helen of Troy in fiscal 2011," Rubin concluded.