02.07.24
Edgewell Personal Care Company announced results for its first fiscal quarter 2024 ended December 31, 2023.
Net sales were $488.9 million, an increase of 4.2% compared to the prior year quarter.
Organic net sales increased 3.1% GAAP diluted net earnings per share were $0.09, compared to $0.24 in the prior year quarter. Adjusted EPS were $0.24, compared to $0.32 in the prior year quarter.
"We had a good start to the fiscal year, with 3% organic net sales growth, and notably strong performance across our international markets, reflective of underlying volume growth and further price execution,” said Edgewell CEO Rod Little. “Gross margin was a highlight and above our expectations, driven by our ability to realize further productivity savings and gains from improved revenue management. With this good start and strong fundamentals in place, we are on track to meet our previous outlook for both top and bottom line."
Fiscal 1Q 2024 Operating Segment Results (Unaudited)
Wet Shave
Net sales increased $26.4 million, or 9.6%. Organic net sales increased $22.4 million or 8.1%, reflecting growth across men's and women's systems, disposables and shave preps. Sales were driven by strong volume and price growth in most international markets, with notable growth in key Asian markets. Wet Shave segment profit increased $18.0 million, or 50.4%. Organic segment profit, excluding the favorable impact from currency increased $14.4 million, or 40.3%, reflecting higher net sales and higher gross margins.
Sun and Skin Care
Net sales increased $2.5 million, or 2.2%. Organic net sales increased $1.0 million, or 0.9%, driven by mid-single-digit aun care growth across both North America and International markets, partly offset by slightly lower sales in men's grooming and Wet One's. Sun and skin segment profit decreased $14.6 million. Organic segment profit decreased $15.1 million primarily driven by lower gross profit resulting from significantly higher inflation related costs.
Full Fiscal Year 2024 Financial Outlook
The company is providing the following outlook assumptions for fiscal 2024: Reported net sales are expected to increase in the range of approximately 1% to 3%. This includes an estimated 60-basis point negative impact from currency movements. Organic net sales are expected to increase approximately 2% to 4%.