Helen of Troy has reported a consolidated net sales revenue of $474.7m in the first quarter (Q1) of fiscal year (FY) 2024.

This is a decline of 6.6% against $508.1m in the same period of the previous FY.

The decrease in consolidated net sales has primarily been caused by a decrease of $39m in Organic business.

A contribution of $6.1m from the Curlsmith takeover added to the net sales revenue, partially offsetting the decline in the Organic business.

For the Q1 FY24, which ended on 31 May 2023, consolidated operating income stood at $40.6m compared to $33.9m in the prior year’s corresponding quarter.

The net income was recorded at $22.6m in Q1 FY24 versus $24.6m in Q1 of the last FY. 

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Diluted earnings per share (EPS) dropped to $0.94 in the latest quarter against $1.02 in the same quarter of last FY.

In Q1 FY24, net sales revenue in the Home and Outdoor segment saw a 7.3% drop to $217.1m from $234.3m in Q1 2023.

The Beauty and Wellness segment saw a 5.9% decline in net sales revenue in Q1 FY24 compared with $273.8m in the prior year’s quarter.

In its annual outlook for FY24, the company anticipates consolidated net sales revenue to be in the range of $1.96bn to $2.01bn. 

A GAAP diluted EPS in the range of $3.81 to $4.67 is expected in this FY.

Helen of Troy CEO Julien Mininberg said: “We continue to expect adjusted EPS growth in the second half of fiscal 2024. 

“Our outlook continues to include continued pressure on several of our categories as consumers continue to adjust their spending in an environment of inflation and interest rates that are expected to remain higher.”