Shares in Braun owner Helen of Troy (NASDAQ:HELE) slumped close to 30% in early dealings on Tuesday after its first-quarter financial results disappointed.
Net group sales were down 12.2% for the first quarter at $416.8 million, versus $474.7 million a year ago.
Helen of Troy, which also owns the Vicks, Revlon, Hydro Flask and OXO brands, meanwhile projected full-year net sales between $1.885 billion and $1.935 billion which is lower than the prior guidance.
Earnings (GAAP diluted) per share for the quarter came in at $0.26, from $0.94.
It reported just $25.3 million of cash flow from operations, whilst free cash flow was marked at $16.2 million.
“We are disappointed with the start to our fiscal year,” chief executive Noel Geoffroy said in a statement.
“We battled an unusual number of internal and external challenges in the quarter, which resulted in net sales and adjusted EPS below our outlook.”
“Many of these challenges became more pronounced toward the end of the first quarter and some continue to evolve.
“We now see this fiscal year as a time to take action to reset and revitalize our business. As a result, we are lowering our annual outlook, which delays the delivery of the long-term financial algorithm in our strategic plan.”
Geoffroy added: “Despite the challenges we currently face, I remain confident the strategies we are implementing are the right ones to improve the long-term health of our brands, return our company to positive sales and earnings growth, and deliver sustained shareholder value creation.”
In New York, Helen of Troy (NASDAQ:HELE) shares were down $26.56 or 29.84% changing hands at $62.30.