Helen of Troy, the global consumer products company registered in Bermuda, said one of the company’s “most challenging years in memory” had ended with the company recording a 35 per cent decline in profit to $143.3 million.

For the fourth quarter, the company saw profits drop nine per cent to $36.2 million.

Net sales revenue in the fourth quarter was $484.6 million, a decrease of 16.7 per cent from fiscal 2022, while total sales for the year fell $150 million or 6.8 per cent to $2.07 billion.

Core business net sales decreased 16.2 per cent from fiscal 2022 in the quarter.

The report came as the company, whose brands include Oxo, Braun and Revlon, prepared to change things structurally, on a global level.

Julien Mininberg, chief executive officer, said: “I am pleased to report that our fourth-quarter financial performance, including our sales and adjusted earnings per share, was better than expected in what has been one of the most unpredictable and challenging years in memory.”

But he said the company had expanded its adjusted operating margin and generated strong free cashflow.

“We used that cashflow and faster-than-expected progress on the inventory reduction initiative to accelerate our debt pay down in the quarter,” he said. “Our ending inventory is now below fiscal year 2021 despite recent retailer inventory corrections and our Osprey and Curlsmith acquisitions.”

A year ago one of its subsidiaries acquired Recipe Products Ltd whose Curlsmith products are a category leader in the rapidly growing market for products for curly and wavy hair.

In fourth quarter 2023 financial statements, Mr Mininberg said they had made significant progress operationally.

“We began shipping from our new state-of-the-art Tennessee distribution facility, which has already been instrumental in consolidating several ancillary facilities and is a key part of our multiyear plan to optimise our distribution footprint and efficiency,” he said.

“Our sales outlook reflects our expectation that the economy, consumers and several of our categories will continue to experience macro financial pressure,” he said. “We expect operating margin expansion from lower cost of goods sold and savings from capturing lower freight costs.”

With the report came the announcement that Mr Mininberg plans to retire next February. The current chief operating officer, Noel Geoffrey, will take his place on March 1.