Helen of Troy backs FY17 adjusted EPS $5.85-$6.35, consensus $6.16
Cuts FY17 revenue to $1.55B-$1.59B from $1.57B-$1.62B, consensus $1.58B. "The retail environment has been weaker than expected in some of our categories and we have seen softness in Beauty and Nutritional Supplements. We are therefore lowering our net sales expectations... The sales outlook includes incremental sales from the Hydro Flask acquisition, now estimated in the range of $85M-$90M for the period subsequent to closing in FY17, compared to original expectations of $60M-$65M, and continues to include a combined negative impact of approximately 3% of consolidated net sales from the re-measurement of our Venezuela income statement at the new DICOM rate, foreign currency fluctuations, rationalization of low profit business in the Health & Home segment and the overhang from excess cold/flu inventory in the retail channel due to a weak season last year. In addition, the company's sales outlook now includes an expected decline in net sales for the Beauty segment in the range of 17%-20% for FY17, which includes an additional negative impact from business rationalization of approximately 3.2% of segment net sales revenue, or 0.9% of consolidated net sales revenue; and an expected decline in net sales revenue for the Nutritional Supplements segment in the range of 14%-16% for FY17."