虽然母公司Helen of Troy并没有单独公布Osprey的营收数字。然而根据Helen of Troy在收购Osprey时披露的数据显示，后者在2021年的营收为 1.55亿美元（约合11.11亿元人民币）。 北美户外圈另一只"神鸟"，正式"降临"中国市场。 6月中旬，美国知名户外品牌Osprey在杭州湖滨in77开出了中国首家品牌专营店。在此之前，Osprey更多是以天猫和小红书等电商渠道，或者是经销商和 代理商的形式与中国消费者见面。 伴随Osprey在杭州开出首家品牌专营店，意味着其在中国市场的打法或许迎来转变。从经销到直营的转变尝试，意味着Osprey未来能够在品牌建设、零售 体系以及社群活动方面，有更大的施展空间。 在体育大生意看来，Osprey中国首家品牌专营店落地的背后，是户外包和登山包成为通勤"打工人"标配的转变。这一趋势反映出当代都市人群生活方式的 多元化与健康化追求，更蕴藏着Osprey在中国市场的发展前景。 在上下班通勤最常见的地铁场景中，我们能够看到许多"打工人""身上的户外元素——不管是穿着的始祖鸟、骆驼或者是Montbell等户外服饰品牌，又或者 是On昂跑、Hoka或者Sa ...

| RPM Interna ... | 113.30 | -1.00 (-0.87%) | 84.63万股 | 145.50亿 -7.10% | = == | | --- | --- | --- | --- | --- | --- | | us RPM | 113.30 | 0.00 (0.00%) 盘后 | | | | | 3M公司 | 155.84 | -1.48 (-0.94%) | 240.16万股 | 838.70亿 +21.91% | 0 … | | us MMM | 155.83 | -0.01 (-0.01%) 盘后 | | | | | 斑马技术 | 327.14 | -3.21 (-0.97%) | 41.75万股 | 166.36亿 -15.30% | == | | US ZBRA | 310.79 | -16.35 (-5.00%) 盘后 | | | | | 梅特勒-托利多 | 1223.93 | -12.31 (-1.00%) | 11.88万股 | 254.37 亿 +0.02% | = == | | us MTD | 1223.93 | 0.00 (0.00%) 盘后 | | | ...

Core Insights - Helen of Troy Limited (HELE) experienced a significant 22.7% decline in share price after disappointing first-quarter fiscal 2026 results, with revenues and earnings falling year over year and missing consensus estimates [1][4] Financial Performance - HELE reported adjusted earnings of $0.41 per share, missing the Zacks Consensus Estimate of $0.91 per share, and reflecting a 58.6% decline from $0.99 in the prior year [4][8] - Net sales were $371.7 million, missing the Zacks Consensus Estimate of $399 million, and decreased 10.8% from $416.8 million in the previous year, driven by a 17% decline in organic business [4][8] - The consolidated gross profit margin contracted by 160 basis points to 47.1%, influenced by trade-down behavior, higher retail trade expenses, and a less favorable brand mix [5][8] - The SG&A ratio increased by 420 basis points to 45.1%, attributed to higher marketing expenses and CEO succession costs, leading to a 62.5% decline in adjusted operating income to $16.1 million [6][8] Segment Performance - Home & Outdoor segment sales fell 10.3% to $178 million, impacted by competitive pressure and reduced replenishment orders due to tariff-related issues [9] - Beauty & Wellness segment sales decreased 11.3% to $193.7 million, primarily due to a 23% drop in organic business sales, particularly in thermometers and hair appliances [10] Financial Position - As of the end of fiscal 2025, HELE had cash and cash equivalents of $22.7 million and total debt of $871 million, with net cash provided by operating activities at $58.3 million for the first quarter of fiscal 2026 [11] Outlook - For Q2 FY26, HELE expects consolidated net sales between $408 million and $432 million, reflecting a decline of 14.0% to 8.9% year over year, with segment-specific declines anticipated [13][14] - Management anticipates GAAP diluted EPS between $0.56 and $0.68, with adjusted diluted EPS expected to decline 62.8% to 50.4% compared to the prior year [15]

Company Overview - Helen of Troy Limited (NASDAQ: HELE) owns several well-known brands including Osprey, OXO, Hydro Flask, Vicks, and Braun, operating in the Beauty & Wellness and Home & Outdoor markets [1]. Risks - The company faces significant risk from tariff uncertainty, which may impact its cost structure and profitability. There is limited ability to mitigate these additional costs [1].

Core Insights - The article highlights the investment strategies and achievements of Paul Franke, a seasoned investor with 39 years of trading experience, emphasizing his contrarian stock selection style and algorithmic analysis for identifying investment opportunities [1] Group 1: Investment Strategy - Paul Franke developed a system called "Victory Formation," which focuses on supply/demand imbalances indicated by specific stock price and volume movements [1] - The strategy recommends investors to maintain a diversified portfolio of at least 50 well-positioned stocks and to use stop-loss levels of 10% or 20% on individual investments to enhance market outperformance [1] Group 2: Stock Selection Focus - The "Bottom Fishing Club" articles target deep value candidates or stocks that are experiencing significant upward technical momentum reversals [1] - The "Volume Breakout Report" articles analyze positive trend changes supported by strong price and volume trading actions [1]

Financial Data and Key Metrics Changes - Consolidated net sales decreased by 10.8% in Q1, with organic net sales declining by 17.3% excluding Olive and June [39][40] - Gross profit margin decreased by 160 basis points to 47.1%, primarily due to a shift towards lower price alternatives and elevated retail trade expenses [43] - GAAP operating loss for the quarter was $407 million, primarily due to noncash impairment charges [45] - Non-GAAP adjusted EPS was $0.41 compared to $0.99 in the same period last year [46] Business Line Data and Key Metrics Changes - Home and Outdoor segment net sales declined by 10.3%, with approximately 6.7 percentage points of the decline driven by tariff-related disruption [41] - Beauty and Wellness segment net sales declined by 11.3%, with approximately 9.7 percentage points of the decline driven by tariff-related disruption [42] - OXO brand gained share and extended its leadership in kitchen utensils, while Hydro Flask saw growth driven by expanded distribution [21][22] Market Data and Key Metrics Changes - U.S. point of sale unit growth was seen in eight out of eleven key brands in Q1 [19] - Average price compression of 3% to 4% was noted in the U.S. business, indicating a trend of consumers trading down [18] - Strong category growth was observed in prestige hair liquids, air purifiers, and thermometry, with DTC revenue growth of 9% year over year [20] Company Strategy and Development Direction - The company is focusing on five key priorities: restoring confidence, improving go-to-market effectiveness, refocusing on innovation, leveraging brand strengths, and reinvigorating company culture [11][12][15] - A strategic shift towards supply chain diversification and dual sourcing is being implemented to mitigate tariff impacts [35][53] - The company plans to implement average price increases across its portfolio in the range of 7% to 10% [60] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q1 results were below expectations due to greater-than-expected tariff-related disruptions [17] - The macro environment remains uncertain with geopolitical friction and shifting consumer behavior impacting demand [16] - The company expects continued tariff-related disruptions into Q2 but believes these impacts are largely transitory [30] Other Important Information - The company ended Q1 with total debt of $871 million, a decrease of $46 million compared to the previous quarter [47] - Free cash flow for Q1 was strong at $45 million compared to $16 million in the same period last year [20] - The company is not providing a full-year outlook due to ongoing uncertainties related to tariffs and consumer demand [49] Q&A Session Summary Question: Pricing plans and elasticity considerations - The company plans to implement price increases of 7% to 10% across its portfolio, with individual items seeing increases up to 15% [60] - Conservative elasticity assumptions are being made due to the challenging environment [62] Question: Gross margins and SG&A interplay for Q2 - Gross margins are expected to be slightly worse than Q1, but year-over-year improvement is anticipated [66] - SG&A ratio is expected to normalize to approximately 37% to 38% for the remaining three quarters of the fiscal year [51] Question: Long-term earnings power and headwinds - The company acknowledges significant impacts from direct import business and tariff changes, affecting Q1 and Q2 results [75] - The cadence of results is expected to improve in the second half of the year due to pricing actions and stabilization of retail inventory [76] Question: Retail distribution gains and self-base consolidation - The company is expanding distribution in Walmart, particularly for blood pressure monitors, and expects benefits in the second half [93]

Financial Data and Key Metrics Changes - Consolidated net sales decreased by 10.8% in Q1, with organic net sales declining by 17.3% excluding Olive and June [38][39] - Consolidated gross profit margin decreased by 160 basis points to 47.1%, primarily due to a shift towards lower price alternatives and elevated retail trade expenses [43] - GAAP operating loss for the quarter was $407 million, primarily due to noncash impairment charges [44] - Non-GAAP adjusted EPS was $0.41 compared to $0.99 in the same period last year, reflecting lower adjusted operating income and higher interest expense [45] Business Line Data and Key Metrics Changes - Home and Outdoor segment net sales declined by 10.3%, with approximately 6.7 percentage points driven by tariff-related disruption [40] - Beauty and Wellness segment net sales declined by 11.3%, with approximately 9.7 percentage points driven by tariff-related disruption [41] - Olive and June contributed incremental revenue of $26.8 million, helping to partially offset declines in other segments [42] Market Data and Key Metrics Changes - U.S. point of sale unit growth was observed in eight out of eleven key brands in Q1 [20] - Average price compression of 3% to 4% was noted in the U.S. business, indicating a trend of consumers trading down [19] - Strong category growth was reported in prestige hair liquids, air purifiers, and thermometry, with DTC revenue growth of 9% year over year [20] Company Strategy and Development Direction - The company is focusing on five key priorities: restoring confidence, improving go-to-market effectiveness, refocusing on innovation, leveraging brand strengths, and reinvigorating company culture [11][12][15] - A strategic shift towards dual sourcing and supplier diversification is being implemented to mitigate tariff impacts [35][52] - The company plans to implement average price increases across its portfolio in the range of 7% to 10% [59] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q1 results were below expectations due to greater-than-anticipated tariff-related disruptions [17] - The macro environment remains uncertain with geopolitical friction, economic uncertainty, and shifting consumer behavior [16] - Management expects continued tariff-related disruptions into Q2 but believes these impacts are largely transitory [29] Other Important Information - The company ended Q1 with total debt of $871 million, a decrease of $46 million compared to the previous quarter [46] - Inventory levels are expected to increase to approximately $510 million to $520 million by the end of Q2, driven by seasonal inventory builds and the Olive and June acquisition [51] Q&A Session Summary Question: Pricing Plans and Elasticity - The company plans to implement average price increases of 7% to 10% across its portfolio, with individual items seeing increases up to 15% [59] - Conservative elasticity assumptions are being made due to the challenging environment [62] Question: Gross Margins and SG&A for Q2 - SG&A ratio is expected to decrease from around 45% in Q1 to approximately 39% in the latter half of the year [69] Question: Long-term Earnings Power - The company believes existing consensus estimates for the full year are reasonable, but the cadence of results has shifted due to tariff changes [75] - The majority of net mitigated unmitigated tariff impact will fall into Q2, with expectations for improvement in the second half of the year [76]

Financial Performance & Outlook - Q1 Fiscal 2026 net sales revenue was $371.7 million, a decrease of 10.8% compared to $416.8 million in Q1 FY25[37] - Adjusted diluted EPS declined 58.6% to $0.41, compared to $0.99 in Q1 FY25[37] - The company expects Q2 Fiscal 2026 net sales to be in the range of $408 million to $432 million, a decline of 14.0% to 8.9%[57] - Adjusted diluted EPS for Q2 Fiscal 2026 is projected to be $0.45 to $0.60, a decline of 62.8% to 50.4%[57] Tariff Impact & Mitigation - Tariff-related impacts accounted for approximately 8 percentage points of the 10.8% consolidated revenue decline in Q1[32] - The company now believes it can reduce its FY26 net tariff impact on operating income to less than $15 million based on tariffs currently in place[34] - The company plans to diversify its supply chain outside of China to mitigate tariff risks, aiming for approximately 25% of consolidated Cost of Goods Sold (COGS) by the end of Fiscal 2026[53] Business Segment Performance - Beauty & Wellness FY25 net sales were $1,001.3 million[20] - Home & Outdoor FY25 net sales were $906.3 million[20] - Excluding Olive & June, net sales decreased by 17.3% with ~45% of the organic revenue decline driven by tariff-related trade disruptions[37]

Company Performance - Helen of Troy (HELE) reported quarterly earnings of $0.41 per share, missing the Zacks Consensus Estimate of $0.91 per share, and down from $0.99 per share a year ago, representing an earnings surprise of -54.95% [1] - The company posted revenues of $371.66 million for the quarter ended May 2025, missing the Zacks Consensus Estimate by 6.93%, and down from $416.85 million year-over-year [2] - Over the last four quarters, Helen of Troy has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Helen of Troy shares have lost about 48.2% since the beginning of the year, while the S&P 500 has gained 6.5% [3] - The current Zacks Rank for Helen of Troy is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the coming quarter is $1.07 on revenues of $458.04 million, and for the current fiscal year, it is $5.04 on revenues of $1.84 billion [7] - The outlook for the cosmetics industry, where Helen of Troy operates, is currently in the top 4% of over 250 Zacks industries, suggesting a favorable environment for performance [8]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for the quarter ended May 31, 2025 [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q1 FY2026 show a significant net loss of $450.7 million, primarily due to a $414.4 million asset impairment charge, with total assets decreasing to $2.65 billion Consolidated Balance Sheets (in millions) | (in millions) | May 31, 2025 | February 28, 2025 | | :--- | :--- | :--- | | **Total Assets** | $2,651.9 | $3,132.1 | | Goodwill | $861.8 | $1,182.9 | | **Total Liabilities** | $1,424.3 | $1,448.6 | | **Total Stockholders' Equity** | $1,227.7 | $1,683.4 | Consolidated Statements of Operations (in millions, except per share data) | (in millions, except per share data) | Three Months Ended May 31, 2025 | Three Months Ended May 31, 2024 | | :--- | :--- | :--- | | Sales revenue, net | $371.7 | $416.8 | | Asset impairment charges | $414.4 | $— | | Operating (loss) income | $(407.0) | $30.8 | | **Net (loss) income** | **$(450.7)** | **$6.2** | | **Diluted (loss) earnings per share** | **$(19.65)** | **$0.26** | Consolidated Statements of Cash Flows (in millions) | (in millions) | Three Months Ended May 31, 2025 | Three Months Ended May 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$58.3** | **$25.3** | | Net cash used by investing activities | $(9.5) | $(9.2) | | Net cash used by financing activities | $(45.1) | $(18.5) | [Note 4 - Acquisition of Olive & June](index=10&type=section&id=Note%204%20-%20Acquisition%20of%20Olive%20%26%20June) The company acquired Olive & June for an initial cash consideration of $224.7 million, recognizing $150.7 million in goodwill for expected synergies - Acquired Olive & June for initial cash of **$224.7 million** (net of cash acquired and adjustments) plus up to **$15.0 million** in contingent payments based on future performance[19](index=19&type=chunk)[24](index=24&type=chunk) - The acquisition resulted in the provisional recognition of **$150.7 million** in goodwill, primarily attributed to expected synergies[27](index=27&type=chunk)[29](index=29&type=chunk) [Note 5 - Goodwill and Intangibles](index=11&type=section&id=Note%205%20-%20Goodwill%20and%20Intangibles) A Q1 FY2026 impairment test, triggered by stock price decline and revised forecasts, resulted in total asset impairment charges of $414.4 million, significantly reducing goodwill and other intangible assets - A goodwill impairment triggering event occurred in Q1 FY2026 due to a sustained decline in stock price and downward revisions to internal forecasts, reflecting tariff policies and macroeconomic impacts[31](index=31&type=chunk) Impairment Charge by Segment (in millions) | Segment | Impairment Charge (in millions) | Key Businesses Affected | | :--- | :--- | :--- | | **Home & Outdoor** | $219.1 | Hydro Flask ($120.8M), Osprey ($98.3M) | | **Beauty & Wellness** | $195.3 | Drybar ($103.7M), Curlsmith ($36.2M), Health & Wellness ($35.8M), Revlon ($19.6M) | | **Total** | **$414.4** | | - Goodwill decreased by **$317.0 million** due to impairment charges, with the net carrying amount falling from **$1.18 billion** to **$861.8 million**[35](index=35&type=chunk)[36](index=36&type=chunk) [Note 10 - Long-Term Debt](index=17&type=section&id=Note%2010%20-%20Long-Term%20Debt) Total long-term debt was $871.0 million as of May 31, 2025, with $250.0 million borrowed under a delayed draw term loan to repay revolving credit facility debt Long-Term Debt (in millions) | (in millions) | May 31, 2025 | February 28, 2025 | | :--- | :--- | :--- | | Revolving loans | $385.4 | $678.1 | | Term loans | $491.4 | $243.8 | | **Total long-term debt** | **$871.0** | **$916.9** | - In Q1 FY2026, the company borrowed **$250.0 million** under its delayed draw term loan facility and used the proceeds to repay debt on the revolving credit facility[53](index=53&type=chunk) [Note 14 - Segment and Geographic Information](index=24&type=section&id=Note%2014%20-%20Segment%20and%20Geographic%20Information) The company's Q1 FY2026 sales declined across both Home & Outdoor and Beauty & Wellness segments, with domestic sales comprising 74.8% of total revenue Segment Sales (in millions) | Segment (in millions) | Q1 FY2026 Sales | Q1 FY2025 Sales | % Change | | :--- | :--- | :--- | :--- | | Home & Outdoor | $178.0 | $198.5 | (10.3)% | | Beauty & Wellness | $193.7 | $218.4 | (11.3)% | | **Total** | **$371.7** | **$416.8** | **(10.8)%** | - Domestic sales (U.S. and Canada) represented **74.8%** of total net sales revenue for the quarter, while international sales were **25.2%**[84](index=84&type=chunk) [Management's Discussion and Analysis (MD&A)](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant factors impacting Q1 FY2026 results, including a 10.8% decline in consolidated net sales, a $414.4 million asset impairment charge, and a 62.5% decrease in adjusted operating income - Consolidated net sales revenue decreased **10.8%** to **$371.7 million**, driven by a **17.0%** decline in the Organic business[130](index=130&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk) - The company recorded a consolidated operating loss of **$407.0 million**, which includes a **$414.4 million** pre-tax asset impairment charge; adjusted operating income fell **62.5%** to **$16.1 million**[131](index=131&type=chunk)[146](index=146&type=chunk)[150](index=150&type=chunk) - Adjusted diluted EPS decreased **58.6%** to **$0.41** from **$0.99** in the prior-year period[131](index=131&type=chunk)[171](index=171&type=chunk) [Significant Trends Impacting the Business](index=30&type=section&id=Significant%20Trends%20Impacting%20the%20Business) The business is significantly impacted by evolving U.S. tariff policies, macroeconomic pressures, and increased competition, leading to reduced retailer orders and softer consumer demand - U.S. tariff policies on imports from China and other regions are creating uncertainty and negatively impacting sales due to paused or canceled retailer orders[103](index=103&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) - High inflation and interest rates are negatively impacting consumer disposable income and spending on discretionary items, leading to reduced replenishment orders from retailers[110](index=110&type=chunk)[112](index=112&type=chunk) - Online channel sales, representing approximately **23%** of total consolidated net sales, declined by about **18%** compared to the prior year[113](index=113&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Consolidated net sales declined 10.8% to $371.7 million, with both segments experiencing decreases due to lower orders and softer demand, while gross profit margin fell and SG&A ratio increased Key Financial Metrics | Metric | Q1 FY2026 | Q1 FY2025 | Change | | :--- | :--- | :--- | :--- | | **Net Sales Revenue** | $371.7M | $416.8M | (10.8)% | | **Gross Profit Margin** | 47.1% | 48.7% | (1.6) p.p. | | **SG&A as % of Sales** | 45.1% | 40.9% | +4.2 p.p. | | **Operating Margin** | (109.5)% | 7.4% | (116.9) p.p. | - The decline in the Home & Outdoor segment was driven by lower orders in home and insulated beverageware categories, partially offset by strong demand for technical packs[134](index=134&type=chunk)[136](index=136&type=chunk) - The decline in the Beauty & Wellness segment was driven by lower sales of thermometers, fans, and hair appliances due to market dynamics in China, reduced consumer demand, and competition; the Olive & June acquisition contributed **$26.8 million** in sales[137](index=137&type=chunk)[138](index=138&type=chunk)[142](index=142&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains adequate liquidity through cash from operations and its $1.5 billion credit facility, generating $58.3 million in operating cash flow in Q1 FY2026 - Cash provided by operating activities increased to **$58.3 million** from **$25.3 million** in the prior-year period, primarily due to favorable changes in working capital, especially accounts receivable[172](index=172&type=chunk)[176](index=176&type=chunk) - As of May 31, 2025, the outstanding principal balance on the Credit Agreement was **$876.8 million**, with **$346.7 million** available for borrowing per the maximum leverage ratio[183](index=183&type=chunk) [Critical Accounting Policies and Estimates](index=48&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section details the Q1 FY2026 impairment testing for goodwill and intangible assets, which resulted in $414.4 million in charges due to a stock price decline and revised forecasts - The impairment was triggered by a sustained decline in stock price and downward revisions to forecasts reflecting the impact of tariffs and the macroeconomic environment[185](index=185&type=chunk) Impairment Charge by Asset Type (in millions) | Asset Type | Impairment Charge (in millions) | | :--- | :--- | | Goodwill | $317.0 | | Indefinite-lived intangible assets | $48.0 | | Definite-lived intangible assets | $49.4 | | **Total** | **$414.4** | - Management judgment is crucial in estimating future cash flows for impairment testing, and further deterioration in economic conditions or consumer demand could lead to additional charges[191](index=191&type=chunk)[192](index=192&type=chunk)[201](index=201&type=chunk) [PART II. OTHER INFORMATION](index=54&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers updates on legal proceedings and the company's share repurchase program [Legal Proceedings & Risk Factors](index=54&type=section&id=Item%201.%20Legal%20Proceedings%20%26%20Item%201A.%20Risk%20Factors) No material changes to legal proceedings or risk factors are reported since the last Form 10-K, except for an update on the Brita LP patent litigation appeal scheduled for August 5, 2025 - There are no material changes in legal proceedings or risk factors since the last Form 10-K[209](index=209&type=chunk)[210](index=210&type=chunk) - An update on the Brita LP patent litigation indicates that Brita is appealing the ITC's decision in favor of the Company, with oral arguments scheduled for August 5, 2025[50](index=50&type=chunk)[120](index=120&type=chunk) [Share Repurchases and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No open market share repurchases occurred in Q1 FY2026, though 24,660 shares were acquired for tax withholdings on equity awards, with $498.6 million remaining under the $500 million authorization - No shares were repurchased on the open market during the three months ended May 31, 2025[46](index=46&type=chunk)[213](index=213&type=chunk) - A total of **24,660 shares** were acquired through "net exercise" transactions related to employee share-based compensation[46](index=46&type=chunk)[213](index=213&type=chunk) - As of May 31, 2025, approximately **$498.6 million** remained available for future repurchases under the current authorization[44](index=44&type=chunk)[213](index=213&type=chunk)