Shares of consumer products provider Helen of Troy (NASDAQ:HELE) are on the rise today after the company posted better-than-anticipated first-quarter numbers.
While Q1 revenue declined 6.6% year-over-year to $474.67 million, the figure still landed ahead of estimates by $9.3 million. Additionally, EPS at $1.94 too handily outperformed expectations by $0.26. During the quarter, HELE witnessed challenges from lower consumer demand and a change in buying patterns. Nonetheless, it managed to expand profit margins and pare down debt during this period.
Further, HELE is undertaking a global restructuring plan in a bid to improve efficiency and lower costs. The move is expected to boost its pre-tax profit by $75 million to $85 million. Looking ahead, for the full-year 2024, HELE expects net sales to range between $1.965 billion and $2.015 billion. EPS for the year is seen landing between $8.50 and $9.
Overall, the Street has a $118.50 consensus price target on HELE alongside a Moderate Buy consensus rating. Short interest in the stock currently stands at about 24.7%.
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