Helen of Troy craters after lowering annual earnings forecast

Helen of Troy

09/07/2024 14:17

** Shares of home and beauty products maker Helen of Troy
 HELE.O  slump 28.9% to $63.25 premarket
    ** Stock set to open at its lowest price in nine-and-a-half
years if current losses hold
    ** Co lowers its annual forecasts for revenue and profit,
hurt by continued weakness in consumer spending in the
discretionary category
    ** Co misses market expectations for Q1 revenue and profit;
says it faced an "unusual number" of internal and external
challenges in Q1
    ** "We now see this fiscal year as a time to take action to
reset and revitalize our business," says CEO Noel M Geoffroy in
a statement
    ** Co says revenue in its home and outdoor goods segment was
impacted by a shipping disruption at its distribution facility
in Tennessee, which affected order; expects disruption to
continue through Q2
    ** Now expects annual net sales revenue to decline between
6% and 3.5%, compared with previous range of a decline of 2% to
a growth of 1%
    ** Expects fiscal 2025 adjusted EPS of $7 to $7.50, vs prior
range of $8.70 to $9.20
    ** YTD, shares down 26.3% as of last close

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))