Lake Success, NY--Hain Celesital reported their financial results for the second quarter, which ended on December 31, 2018. The company bore yet another slow quarter, with decreases worldwide, according to a press release.
In the U.S., net sales decreased 4% from the previous year to $259.2 million, the press release says. The decline in net sales was attributed to the decline in the Better-For-You Baby and Pantry platforms, as well as the elimination of support for lower margin stock keeping units (SKUs).
In the U.K., the release says, net sales decreased by 5% to $225.5 million from the previous year. This decrease was partly due to adjustments to foreign exchange, acquisitions, divestitures, and a decline in certain brands. The segment operating income and adjusted operating income both increased from the prior year. The segment operating income increased 8%, while the adjusted operating income increased 11%.
Net sales in the rest of the world decreased 8% to $99.7 million, according to the press release. Canada’s net sales decreased 12% and Europe’s net sales were relatively flat.
In the press release, Hain Celestial updated their operating performance guidance for the 2019 fiscal year, which aims for an increase in net sales, and an adjusted EBITDA (earnings before interest, tax, and amortization) and EPS (earnings per share).
Seeking Alpha quoted Hain CEO Mark Schiller as saying, "Although we are not satisfied with our near-term performance, we are starting to see sequential improvement in our numbers and are working diligently to restore profitable growth in the United States, while continuing our profit momentum in the United Kingdom and Europe."