Helen of Troy Limited reported record first quarter net sales revenue and record operating income for the quarter ended May 31, 2012. The company saw fiscal first quarter net sales revenue increase 10.6% to $300,211,000 from $271,467,000 in the same period of the prior year. Net income for the fiscal first quarter was $23,472,000, or $0.74 per fully diluted share, compared to $24,605,000, or $0.78 per fully diluted share, in the prior year first quarter, a decrease in net income of $1,133,000 or 4.6%.
For the personal care division, first quarter net sales revenue decreased 4.2% to $117,552,000 compared to $122,718,000 for the same period last year, resulting from a difficult retail environment in the U.S., Latin America and Europe, increased competitive trade promotional activities, product availability issues with certain suppliers, and the impact of foreign currency fluctuations.
Gerald J. Rubin, chairman, CEO and president of Helen of Troy, commenting on the company's first quarter results, stated, "During the first quarter, we achieved record net sales revenue and record operating income. Similar to other global consumer products companies, we faced many challenges in light of continuing consumer uncertainty and global economic problems. We are pleased that we were able to achieve growth in net sales revenue, operating income and EBITDA without share-based compensation, in a challenging retail sales environment.
"As a company, we continue to have a very strong balance sheet and generate a significant amount of cash, which can be used to further innovate our businesses and make future acquisitions. We are firmly committed to executing our strategic vision for Helen of Troy, even as the worldwide economic environment remains challenging. Our first quarter performance reflects record net sales revenue and operating income, and we expect to achieve record net sales revenue and earnings per fully diluted share for fiscal year 2013.
"However, based on our results for the first quarter and our outlook for a continuingly challenging retail sales environment, we are adjusting our expectations for the full fiscal year. While we still expect net sales revenue for fiscal year 2013 to be in the range of $1.3 billion to $1.325 billion, we now expect earnings per fully diluted share to be in the range of $3.70 to $3.80 for fiscal year 2013, compared to our previous guidance of $3.80 to $3.90," Rubin concluded.