Brand owner sees net sales soar 11.3%
Helen of Troy Ltd has announced record first quarter net sales of $160m and record net income ($18m) for the quarter ended 31 May 2010. Revenue increased 11.3% compared to the prior year period, while net income soared 26.7%.
The brand owner and distributor also reported a 10.9% increase in net sales within its personal care segment to $112m.
Chairman, ceo and president Gerald J Rubin stated that the company was “pleased” to be “able to deliver record net income for the first quarter in an uncertain sales environment”. He added that Helen of Troy was “firmly committed to executing our strategic plan for fiscal year 2011, even as the economic environment remains challenging”. The company’s strategic plan includes investment in product development, the expansion of certain lines, the integration and development of recent acquisitions, the implementation of initiatives to cut operating expenses and the pursuit of additional acquisitions.
Helen of Troy’s portfolio includes brands such as Brut, Nandi and Isobel, as well as hardware products sold under licensed trademarks including Vidal Sassoon and Revlon.