Hain Celestial falls after Q2 sales misses estimates

Hain Celestial

07/02/2023 19:19

** Terra owner Hain Celestial Group Inc's shares  HAIN.O 
fall as much as 5% to $20.06
    ** Stock set for its third straight session of fall
    ** Co misses Q2 sales estimates after retailers cut down
their inventory levels especially in tea business and slowing
demand in personal care
    ** Co posts ~5% drop in Q2 sales at $454.2 mln, while
analysts expected $460.31 mln, per Refinitiv data
    ** Adds International sales was down 15% from a year ago
    ** However, HAIN posts Q2 adjusted profit of 20 cents per
share, while analysts' expected 13 cents
    ** Hain Celestial reiterates its full year forecast
    ** Stock has fallen ~43% in the past 12 months compared with
a 4.2% increase in the S&P Composite 1500 Food Products index
 .SPCOMFDPR 
 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))