First quarter net sales increased 11.3 per cent to $160.2m (€126.3m) compared to $143.8m for the same period last year. Profit increased 26.7 percent, from $14.5m to $18.4m.
“During the first quarter, our net sales revenue and net income increased in both our Housewares and Personal Care segments,” said CEO Gerald Rubin. “We are pleased that we were able to deliver record net income for the first quarter in an uncertain sales environment.”
Acquisition of Infusium 23, Pert Plus and Sure
In the company’s Personal Care division, which represents 70 percent of the company’s total sales, revenue increase 11.3 percent to $112.3m compared to 2009’s figure.
Operating income in the division increased 28.2 percent – from $10.6m to $13.6m – which the company attributed to a series of recent brand acquisitions.
Last year, the company purchased Infusium 23 from Procter & Gamble and said at the time of the acquisition, that the brand was expected to increase sales by $40m annually.
The Pert Plus hair care and Sure anti-perspirant and deodorant businesses were also added to the Helen of Troy portfolio after being purchased earlier this year from consumer products company, Innovative Brands.
‘Solid foundation’ for future growth
According to Rubin, the company’s first quarter performance lays a ‘solid foundation’ for the current year.
“We believe we are well-positioned to achieve record net sales revenue and record net income for Helen of Troy in fiscal 2011,” he said.
The company highlighted several plans for the coming year, including expanding product lines and market share, integrating and developing the Pert Plus and Sure brands and pursuing of additional acquisitions.