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UPDATE 1-Helen of Troy profit misses, cuts 2013 profit view
July 10, 2012 / 12:41 PM / in 5 years

UPDATE 1-Helen of Troy profit misses, cuts 2013 profit view

* Q1 EPS $0.74 vs est. $0.86

* Q1 rev $300.2 mln vs est. $299.1 mln

* Cuts FY13 profit view to $3.70-$3.80

July 10 (Reuters) - Consumer products maker Helen of Troy Ltd cut its fiscal 2013 earnings forecast, after reporting a lower-than-expected first-quarter profit on higher expenses and increased promotions, sending its shares down 10 percent before the bell.

For the full year, the company now expects earnings of $3.70 to $3.80 per share, down from its earlier expectation of $3.80 to $3.90.

Helen of Troy said it expects the retail sales environment to continue to remain challenging for the full year.

First-quarter profit fell to $23.5 million, or 74 cents per share, from $24.6 million, or 78 cents per share, a year earlier.

Revenue rose about 11 percent to $300.2 million.

Analysts on average were expecting earnings of 86 cents per share on revenue of $299.1 million, according to Thomson Reuters I/B/E/S.

Selling and administrative expenses as a percentage of sales rose 0.8 percent in the quarter. The company’s tax expense increased by $1.6 million on account of recent acquisitions.

Helen of Troy shares were down about 10 percent at $30.50 before the bell. They closed at $34.03 on Monday on the Nasdaq.

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