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Earnings Highlights and Summary

Helen of Troy's consolidated net sales revenue increased 9.0% to $354.7 million compared to $325.5 million in Q1 FY18. The Company's reported numbers beat analysts' estimates by $20.93 million.

During Q1 FY19, Helen of Troy's consolidated gross profit margin increased 0.9 percentage points (pp) to 41.3% compared to 40.4%, primarily due to favorable product mix, growth in the Company's Leadership Brands and the favorable impact of net foreign currency fluctuations.

For Q1 FY19, Helen of Troy's operating income was $43.3 million, or 12.2% of net sales, compared to $30.6 million, or 9.4% of net sales, in Q1 FY18. The Company's operating income included pre-tax restructuring charges of $1.7 million in the reported quarter. Helen of Troy?s adjusted operating income was $55.5 million, or 15.6% of net sales, compared to $42.6 million, or 13.1% of net sales, in the prior year's same quarter.

Helen of Troy's income from continuing operations was $38.2 million, or $1.43 per diluted share, in Q1 FY19 compared to $27.3 million, or $1.00 per diluted share, in Q1 FY18. The Company's reported quarter income from continuing operations included after-tax restructuring charges of $1.6 million, or $0.06 per share.

Helen of Troy's adjusted income from continuing operations increased to $49.8 million, or $1.87 per diluted share, compared to $38.3 million, or $1.41 per diluted share, in Q1 FY18. The Company's earnings surpassed Wall Street's estimates of $1.46 per share.

Helen of Troy's Segment Operating Results

During Q1 FY19, the Housewares segment?s net sales increased by 18.9% to $98.67 million on a y-o-y basis. The segment's GAAP operating margin was 18.9% in the reported quarter versus 18.2% in the prior year's comparable quarter. The increase in operating margin was primarily due to a higher mix of Hydro Flask sales at a higher operating margin, lower overall advertising expense, improved distribution and logistics efficiency, and the favorable impact of increased operating leverage from net sales growth. The segment's adjusted operating income surged 29.9% to $25.4 million, or 21.7% of the segment's net sales, in Q1 FY19 compared to $19.6 million, or 19.8% of the segment's net sales, in Q1 FY18.

For Q1 FY19, Health & Home segment's net sales increased 10.2% to $148.29 million on a y-o-y basis, reflecting expanded international distribution and higher online sales. The segment's GAAP operating margin was 12.0% in the reported quarter compared to 9.6% in the prior year?s same quarter, reflecting a favorable margin mix, improved distribution, and logistics efficiency, and increased operating leverage from net sales growth. The segment's adjusted operating income increased 37.9% to $25.0 million, or 15.3% of the segment's net sales, compared to $18.2 million, or 12.2% of the segment's net sales, in Q1 FY18.

The Beauty segment's net sales fell 5.8% to $78.54 million on a y-o-y basis, primarily reflecting a decline in brick and mortar. GAAP operating margin was 2.0% in the reported quarter, compared to negative 2.0%. in the prior year's corresponding quarter. The segment's adjusted operating income improved 3.9% to $5.0 million, or 6.8% of the segment's net sales, compared to $4.9 million, or 6.2% of the segment?s net sales, in Q1 FY18.

Cash Matters

As of May 31, 2018, Helen of Troy's cash and cash equivalents totaled $16.9 million compared to $17.1 million as on May 31, 2017. At the end of the reported quarter, the Company's total short- and long-term debt was $300.1 million compared to $453.8 million at the end of the year ago same period.

Outlook

For fiscal 2019, Helen of Troy is forecasting consolidated net sales revenue in the range of $1.485 to $1.510 billion. The Company's net sales outlook assumes the severity of the cough/cold/flu season will be in-line with historical averages, which unfavorably impacts the y-o-y comparison by 1.1%.

Helen of Troy is projecting FY19, Housewares segment's net sales growth in the mid-single digits; Health & Home segment's net sales growth in the low-single digits, and Beauty segment's net sales decline in the low- to mid-single digits.

For FY19, the Company is expecting consolidated GAAP earnings from continuing operations of $6.27 to $6.42 per share and non-GAAP adjusted diluted EPS from continuing operations in the range of $7.45 to $7.70 per share.

Helen of Troy is estimating capital expenditures in the range of $30.0 million to $35.0 million, which includes approximately $15.0 million in expected leasehold improvements from multiple office relocations not expected to repeat in the near future.

Stock Performance Snapshot

July 17, 2018 - At Tuesday's closing bell, Helen of Troy's stock was slightly up 0.13%, ending the trading session at $116.05.

Volume traded for the day: 413.06 thousand shares, which was above the 3-month average volume of 243.83 thousand shares.

Stock performance in the last month - up 18.48%; previous three-month period - up 33.31%; past twelve-month period - up 23.00%; and year-to-date - up 20.45%

After yesterday's close, Helen of Troy's market cap was at $3.08 billion.

Price to Earnings (P/E) ratio was at 19.96.

The stock is part of the Consumer Goods sector, categorized under the Housewares & Accessories industry. This sector was up 0.6% at the end of the session.

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