EL PASO, Texas, Nov. 5 /PRNewswire/ -- Helen of Troy Limited (NASDAQ:HELE), designer developer and worldwide marketer of brand-name personal care products, today reaffirmed its full year financial performance projections.
Gerald J. Rubin, Chairman, Chief Executive and President, commenting on the Company's sales for October said, "This is the first time in our 33 year history that sales have exceeded $50 million in any single month. November marks the roll-out of our national television media advertising campaign introducing our new VS Sassoon Ion hair dryer. We believe the VS Sassoon Ion dryer will be well received by consumers throughout our distribution channels this holiday season. We expect this product launch will help drive our current sales momentum through November and beyond, resulting in record sales for the quarter. Sales for the quarter are expected to be in the range of $131 to $137 million, or 10 to 15 percent ahead of last year's record $119 million in third quarter sales.
"Earnings per share are expected to be in the range of 32 to 34 cents per diluted share versus 28 cents per diluted share of earnings in last year's third quarter. This represents an increase of 15 to 20 percent over the prior year third quarter earnings.
"Based on our third quarter performance to date, and expectations for our fourth quarter ending February 28, 2002, we are reaffirming our full year expectation of sales between $410 to $425 million, and full year earnings per share in the range of 82 to 92 cents per diluted share, or 37 to 53 percent ahead of last year's 60 cents per diluted share. For fiscal year 2003, we expect earnings per share to exceed $1.00 per diluted share.
"Based on our sales expectation, we have planned for our inventory level to be above the prior year's, as we are now in the peak of our holiday selling season. However, by fiscal year-end, our inventory is expected to return to approximately the same level as last year's fiscal year-end, even though sales are expected to have increased approximately 15 to 20 percent for the year.
"We are very pleased with our expected record results for the quarter, especially in light of the current difficult retail environment," Rubin concluded.
Helen of Troy's third quarter results will be released prior to the opening of trading on January 8, 2002. Members of the media, shareholders, and the public are invited to access the live broadcast of the conference call via the Investor's Relations page of the Company's website at www.hotus.com .
Helen of Troy Limited is a leading designer, producer and marketer of brand name personal care products. The Company's products include hair dryers, curling irons, hair setters, women's shavers, brushes, combs, hair accessories, home hair clippers, mirrors, foot baths, body massagers and paraffin baths. The Company's products are sold by mass merchandisers, drug chains, warehouse clubs and grocery stores under the licensed trade names of Vidal Sassoon, licensed from Procter & Gamble Co., the trademark Revlon(R), licensed from Revlon Consumer Products Corporation, Dr. Scholl's(R), licensed from Schering-Plough HealthCare Products, Inc., the trademark BARBIE(TM), owned by and used under license from Mattel, Inc., and Sunbeam(R) and Oster(R) brands, licensed from Sunbeam Corporation. Helen of Troy's owned trade names include Dazey, Caruso, Karina and DCNL. The Company also markets hair and beauty care products under the Helen of Troy, Hot Tools, Hot Spa, Salon Edition, Gallery Series, Wigo and Ecstasy trademarks to the professional beauty salon industry.
