Helen of Troy, the global consumer products company registered in Bermuda, has reported net income of $22.6 million for the three-month period ended May 31.

That compares with $24.6 million in the prior year quarter.

Consolidated net sales revenue decreased $33.4 million, or 6.6 per cent, to $474.7 million, compared with $508.1 million.

Consolidated gross profit margin increased 380 basis points to 45.4 per cent, compared to 41.6 per cent.

Consolidated operating income was $40.6 million, or 8.6 per cent of net sales revenue, compared with $33.9 million, or 6.7 per cent of net sales revenue.

Julien R Mininberg, chief executive officer, said: “I am pleased to report that first quarter financial performance exceeded our expectations despite continued pressure on certain categories from lower consumer demand and shifting buying patterns.

“Several leadership brands outperformed and also grew market share in the United States. International sales also outperformed during the quarter as our strategic choice to double down on international continues to pay off.”

For fiscal 2024, the company continues to expect consolidated net sales revenue in the range of $1.965 billion to $2.015 billion, which implies a decline of 5.2 per cent to 2.8 per cent.

This continues to include a year-over-year decline of $35 million, or 1.7 per cent, from the removal of Bed, Bath & Beyond revenue from the outlook, and a similar sized reduction from the Pegasus SKU rationalisation initiative.

The company's sales outlook reflects what it believes will be a continued slower economy and uncertainty in spending patterns, especially for some discretionary categories.

The company has seen some reduction of trade inventory on a sequential basis as many key retailers have lowered their inventory on hand and expects that sell-in will more closely match sell-through in fiscal 2024.