Edgewell has announced its third quarter 2022 results that reported net sales were $623.8 million, an increase of 8.7%, compared to the previous year.
Organic net sales increased 9.0%, compared to the previous year.
Gross profit was $240.6 million, compared to $270.3 million in the previous year.
Operating income was $49.9 million, compared to $71.1 million in the previous year.
Nine-month net sales were $1,634.8 million, compared to $1,544.1 in the previous year.
Gross profit for the first nine month was $660.6 million, compared to $705.3 million in the previous year.
The wet shave segment reported net sales increased $21.4 million, or 7.0%.
Organic net sales increased $19.1 million or 6.3%, driven by increases in men's and women's systems, disposables and shave preps.
Wet shave segment profit decreased $5.6 million, or 13.0%.
Sun and Skin Care
Net sales for sun and skin care increased $21.0 million, or 10.8%.
Organic net sales increased $24.6 million, or 12.6%, largely driven by sun care growth of about 15%, reflecting distribution and market share gains in North America, stronger than expected early season consumption, and the continued recovery in international travel.
Grooming organic net sales increased 7.5%, driven by 14% growth in International, while Wet Ones organic net sales returned to growth, increasing 7.4%.
Segment profit increased $1.6 million, or 3.6%.
Fiscal Year 2022 Outlook
Reported net sales are expected to increase approximately 4% for fiscal 2022.
Rod Little, Edgewell's president and CEO, said, "Our fiscal third-quarter results reflect the continued execution of our strategy with strong organic net sales growth and solid earnings, both of which exceeded our expectations despite the volatile macro environment. Growth in the quarter was driven by strong volume growth and price, and was broad-based, with increases across both our North America and International markets, as well as in all segments, with accelerated growth in sun care and feminine care. Importantly, we delivered another quarter of market share gains in the U.S., further evidence that our brand building efforts are being well received by consumers. Looking ahead, we are firmly on track to deliver a second consecutive year of mid-single-digit organic net sales growth."