Helen of Troy, which holds the licenses to manufacture and distribute brands including Braun, revlon, Vidal Sassoon, Dr Scholl’s and Bed Head among others, reported a solid performance for its beauty division in Q2 2016.
In the second quarter, the company saw overall net sales revenue increase 15.4% or $49.2m compared with the same period in 2015. In beauty, Helen of Troy saw an increase in net sales revenue of 9.6%, which included a negative impact of $2.6m from foreign currency fluctuations. The company also has business segments in healthcare, houseware and nutritional supplements.
In the beauty category, growth was said to have been driven by new product distribution in foot care and increases in the professional curling iron category. Julien Mininberg, Chief Executive Officer, said: “We had a strong second quarter, with year-over-year revenue growth of 15.4% and core business revenue growth of 10.9%, both of which include a foreign currency drag of 2.7%. All business segments grew in the second quarter, including beauty.” He continued: “Beauty segment sales increased 2.3% for the first half of fiscal 2016 despite a foreign currency drag of 2.4%, supported by new distribution in foot care and new product introductions. We believe the beauty segment results reflect further progress toward stabilisation.”
The latest set of results build upon those in the first quarter of 2016. Overall, for the first six months of fiscal year 2016, the company has seen net sales revenue grow 13.1% to $714.5m compared with $631.7m in the first six months of fiscal year 2015.