特洛伊海伦 (HELE) 首席执行官 Julien Mininberg 在 2020年 第一季度业绩 - 收益电话会议记录

Helen of Troy Limited (NASDAQ:HELE) Q1 2020 Earnings Conference Call July 9, 2019 4:45 PM ET

Helen of Troy Limited(纳斯达克股票代码:[HELE])2020年第一季度收益电话会议2019年7月9日东部时间下午4:45

公司参与者

Jack Jancin - SVP, Corporate Business Development
Julien Mininberg - CEO
Brian Grass - CFO

  • Jack Jancin - 企业业务发展高级副总裁
  • Julien Mininberg - 首席执行官
  • Brian Grass - 首席财务官

电话会议参与者

Frank Camma - Sidoti
Olivia Tong - Bank of America
Linda Bolton Weiser - D.A. Davidson

  • Frank Camma - Sidoti
  • Olivia Tong - 美国银行
  • Linda Bolton Weiser - D.A.戴维森

会议主持员

Good day and welcome to the Helen of Troy Limited First Quarter 2020 Earnings Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Jack Jancin, Senior Vice President of Corporate Business Development. You may begin.

美好的一天,欢迎来到特洛伊海伦有限公司2020年第一季度的收益电话会议。 今天的会议正在录制中。

在这个时候,我想把会议转交给公司业务发展高级副总裁Jack Jancin。 你可以开始吧。

Jack Jancin

Thank you, operator. Good afternoon everyone, and welcome to Helen of Troy's first quarter fiscal 2020 earnings conference call. The agenda for the call this afternoon is as follows. I'll begin with a brief discussion of forward-looking statements. Mr. Julien Mininberg, the company's CEO, will comment on the financial performance of the quarter and specific progress on our strategic initiatives. Then Mr. Brian Grass, the company's CFO, will review the financials in more detail and comment on the company's outlook for fiscal 2020. Following this, Mr. Mininberg and Mr. Grass will take your questions you have for us today.
This conference call may contain certain forward-looking statements that are based on management's current expectation with respect to future events or financial performance. Generally, the words anticipates, believes, expects and other words similar are words identifying forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that could cause anticipated results to defer materially from the actual results.
This conference call may also include information that may be considered non-GAAP financial information. These non-GAAP measures are not an alternative to GAAP financial information and may be calculated differently than the non-GAAP financial information disclosed by other companies. The company cautions listeners not to place undue reliance on forward-looking statements or non-GAAP information.
Before I turn the call over to Mr. Mininberg, I'd like to inform all interested parties that a copy of today's earnings release has been posted to the Investor Relations section of the company's website at www.helenoftroy.com. The earnings release contains tables that reconcile non-GAAP financial measures to their corresponding GAAP-based measures. The release can be obtained by selecting the Investor Relations tab on the company's homepage and then the News tab.
I will now turn the conference call over to Mr. Mininberg.

谢谢运营商。大家下午好,欢迎来到特洛伊海伦的第一季度财政2020年财报电话会议。今天下午的电话会议议程如下。我将首先简要讨论前瞻性陈述。该公司首席执行官Julien Mininberg先生将对本季度的财务业绩以及我们的战略计划的具体进展发表评论。然后,公司首席财务官布莱恩·格拉斯先生将更详细地审查财务报告,并对公司2020财年的前景发表评论。随后,明宁伯格先生和格拉斯先生将为您提出今天的问题。

本次电话会议可能包含某些前瞻性陈述,这些陈述基于管理层对未来事件或财务业绩的当前预期。一般来说,预期,相信,期望和其他类似的词语是识别前瞻性陈述的词语。前瞻性陈述受到许多风险和不确定因素的影响,可能导致预期结果从实际结果中大幅推迟。

该电话会议还可以包括可被视为非GAAP财务信息的信息。这些非GAAP指标不是GAAP财务信息的替代方案,其计算方法可能与其他公司披露的非GAAP财务信息不同。该公司提醒听众不要过分依赖前瞻性陈述或非GAAP信息。

在我致电Mininberg先生之前,我想通知所有相关方,今天的收益发布副本已发布到公司网站www.helenoftroy.com的投资者关系部分。收益发布包含将非GAAP财务指标与其相应的基于GAAP的指标相协调的表格。可以通过选择公司主页上的“投资者关系”选项卡,然后选择“新闻”选项卡来获取该版本。

我现在将电话会议转交给明宁伯格先生。

Julien Mininberg

Thank you, Jack. Good afternoon everyone and thank you for joining us. This afternoon we reported a great start to our fiscal year. Also a great start to Phase II of our transformation plan, which we detail during our May 21 Investor Day in New York. Consolidated core business sales grew 6.8% and adjusted diluted EPS grew 10.2% in the quarter. Both ahead of our expectations, given the especially high year ago base.
Sales growth was driven by our leadership brands, which grew 7.4%. Our continued focus and investments in innovation and marketing paid off handsomely. We gained further ground online with sales growing 28% now representing 23% of consolidated sales for the quarter. These operating results give us the fuel to further increase our spending behind attractive investment opportunities for the balance of the year and also raise our revenue and EPS outlook for fiscal 2020.
Before continuing my discussion on the quarter’s results, I'd like to express my sincere appreciation for those of you who attended or listened to our Investor Day. In addition to presenting our Phase II plans, we introduced you to some of the outstanding leaders in our company, shared our long-term financial goals for Phase II, and gave you a flavor of the culture and level of engagement that our people bring to work every day. We believe their passionate commitment powers Helen of Troy, and as a key driver of success as our Phase II plans come to life.
As outlined during Investor Day, Phase II builds on the accomplishments of Phase I by focusing on eight key strategic priorities. These are investing in leadership brands; doubling down on international; selective and strategic M&A; consumer centric; unifying and elevating the best people; accelerating shared service excellence; maximizing operating efficiency and optimizing capital deployment.
Since deploying these strategies internally nine months ago, we have been implementing them to bring next level capabilities to our organization and pursue new growth opportunities for our leadership brands. OXO, Hydro Flask, Vicks, Braun, Honeywell, Pure and Hot Tools comprise approximately 80% of our net sales, and an even higher proportion of our operating profit. They sweeten our mix as we continue to grow them.
The innovation showcase section of Investor Day revealed important new product launches, and highlighted the skill and creativity of our consumer centric engineers, leaders and our sales and marketing organizations. They work tirelessly to match consumer insights and trends to new technologies, and differentiated timeless designs. For us, delighting end consumers with branded solutions they love and trust is a healthy obsession. Again, thank you to everyone who joined us during Investor Day.
Now I'd like to turn to review of our business segments in this quarter. Sales growth was led by our Housewares segment, which increased core business net sales by 23.8%, with growth across both brands, outstanding. OXO saw strong growth at key brick and mortar retailers, as we gained distribution, benefited from solid POS and improved store traffic at key retailers.

谢谢杰克。大家下午好,感谢您加入我们。今天下午,我们报告了本财年的良好开端。这也是我们转型计划第二阶段的一个良好开端,我们将在5月21日纽约投资者日期间详细介绍。本季度综合核心业务销售额增长6.8%,调整后摊薄后每股盈利增长10.2%。鉴于特别高的一年前基数,两者都超出了我们的预期。

销售增长受我们的领导品牌推动,其增长7.4%。我们对创新和营销的持续关注和投资获得了丰厚回报。我们在线获得了进一步的发展,销售额增长了28%,现在占本季度综合销售额的23%。这些经营业绩为我们提供了燃料,可以进一步增加我们在今年余额中吸引投资机会的支出,并提高2020财年的收入和每股盈利前景。

在继续讨论本季度业绩之前,我想对参加或听取投资者日的人表示衷心的感谢。除了介绍我们的第二阶段计划外,我们还向您介绍了我们公司的一些优秀领导者,分享了我们为第二阶段制定的长期财务目标,并向您介绍了我们的员工带来的文化和参与程度。每天工作。我们相信他们对海伦特洛伊的热情承诺,以及作为我们的第二阶段计划的成功的关键驱动力。

如投资者日期间所述,第二阶段以第一阶段的成就为基础,重点关注八个关键的战略重点。这些都是对领导品牌的投资;加倍国际化;有选择性和战略性的并购;以消费者为中心;统一和提升最优秀的人才;加速共享服务的卓越性;最大化运营效率和优化资本配置。

自从九个月前在内部部署这些策略以来,我们一直在实施这些策略,为我们的组织带来更高层次的能力,并为我们的领导品牌寻求新的增长机会。 OXO,Hydro Flask,Vicks,Braun,Honeywell,Pure和Hot Tools占我们净销售额的约80%,占我们营业利润的更高比例。随着我们不断发展,它们使我们的混合变甜。

投资者日的创新展示部分揭示了重要的新产品发布,并突出了我们以消费者为中心的工程师,领导者以及我们的销售和营销组织的技能和创造力。他们不知疲倦地将消费者的见解和趋势与新技术和差异化的永恒设计相匹配。对我们而言,用他们喜爱和信任的品牌解决方案来满足最终消费者是一种健康的痴迷。再次感谢投资者日期间加入我们的所有人。

现在,我想转而审查本季度的业务部门。销售增长主要得益于我们的家庭用品部门,其核心业务净销售额增长了23.8%,两个品牌均实现了增长。 OXO在主要实体零售商中实现了强劲增长,因为我们获得了分销,受益于稳固的POS和主要零售商的店铺流量增加。

New product introductions contributed to OXO’s growth, as both retailers and consumers responded well to new launches. Further investment in OXO’s equity in store, in e-commerce and via digital marketing were also key drivers. The food storage and kitchen organization categories were particularly strong and on trend with the rising popularity of organizational gurus that focus on de-cluttering and household organization.
For Hydro Flask, another outstanding quarter. The brand’s strong equity and popularity continued to grow with outdoor enthusiasts and retailers alike. They continues to expand its number one market share position, and reinforce its role as a key contributor to category growth for high performance insulated hydration vessels. The brand made terrific strides with retailers and consumers on the East Coast of the United States, especially in the Northeast, where we further expanded Hydro Flask offerings in brick and mortar, broaden placement on the shelf and expanded the selection of on trends and trendsetting items.
We are seeing strong point of sale results and inventory replenishment orders in line with accelerating sell through for those customers where we have the visibility. In addition to Hydro Flask’s growing brand equity, the introduction of a new spring collection of refreshingly bold colors across the hydration, coffee, beer and food lines is resonating well with consumers.
Hydro Flask also advanced it's beyond the bottle strategy with the announcement of a number of new products and its growing line of soft goods, including two new high performance hydration packs. The first is the new 14-liter downshift hydration pack, designed to prove -- to provide a lower center of gravity and increased stability.
The second is the new 16-liter women's hydration pack, tailored through the back panel shoulder straps and hip belt to fit more comfortably on a woman's body. These new consumer-centric insulated hydration backpacks are especially suited to mountain bikers and hikers. Their innovative cold flow system allows for more than four hours of hands free cold hydration.
More new products are on the way both in bottles and beyond. Outside the U.S. Hydro Flask continues to grow and has targeted key market as we double down on international. We believe Hydro Flask offers much more promise and can be a leading environmental and sustainability forward authentic global.
Turning to the Health & Home segment, core business net sales declined 4% in the quarter, in the phase of a difficult comparison to the prior year. However, we made sequential improvements in Asia Pacific as retailers sold down previously elevated inventory levels, earned incremental U.S. distribution for our Vicks Thermometers and our Vapo lines and introduced new products.
Recent new launches, such as the Honeywell DreamWeaver Sleep Fan have been well received. A great example of our just one more strategy, this product furthers the reach of Honeywell fans into households. The DreamWeaver extends the brand into the sleep category, with new benefits that can keep a formerly seasonal product front and center all year long. It uses a soothing sound frequency tone, called pink noise to provide sound blocking benefits that can help promote deeper, more restorative sleep to help it earn and keep a spot on nightstands it also includes a USB charger for bed side essentials like phones.

新产品的推出为OXO的发展做出了贡献,因为零售商和消费者对新产品的反应都很好。对OXO在商店,电子商务和数字营销中的股权的进一步投资也是关键驱动因素。食品储藏和厨房组织类别特别强大,随着组织专家越来越受欢迎而越来越受欢迎,这些大师专注于消除杂乱和家庭组织。

对于Hydro Flask来说,另一个出色的季度。该品牌的强大股权和知名度继续与户外运动爱好者和零售商一起成长。他们继续扩大其市场份额第一的位置,并加强其作为高性能绝缘水化容器类别增长的关键贡献者的作用。该品牌在美国东海岸的零售商和消费者方面取得了巨大进步,特别是在东北地区,我们进一步扩大了Hydro Flask的实体产品,扩大了货架上的位置,扩大了趋势和引领潮流项目的选择范围。

我们看到强大的销售点结果和库存补货订单与我们具有知名度的客户加速销售一致。除了Hydro Flask不断增长的品牌资产外,在水合作用,咖啡,啤酒和食品系列中推出全新的春季系列,令人耳目一新的大胆色彩与消费者产生共鸣。

随着一系列新产品及其不断增长的软产品系列(包括两款新的高性能保湿包)的推出,Hydro Flask也超越了瓶装战略。首先是新的14升降档水化包,旨在证明 - 提供更低的重心和更高的稳定性。

第二款是新款16升女式保湿包,通过后面板肩带和腰带定制,更贴合女性身体。这些以消费者为中心的新型保温水袋背包特别适合山地自行车和徒步旅行者。他们创新的冷流系统允许超过四小时的免提冷水合作用。

无论是瓶装还是瓶装,都有更多新产品在推出。在美国之外,Hydro Flask继续发展,并且随着我们在国际市场上的翻番而成为关键市场的目标。我们相信Hydro Flask提供了更多的承诺,可以成为领先的环境和可持续发展前沿的真实全球。

转向健康与家庭部门,核心业务净销售额在本季度下降了4%,处于与上一年度难以比较的阶段。然而,我们在亚太地区进行了连续改进,因为零售商销售先前提高的库存水平,为我们的Vicks温度计和我们的Vapo生产线赢得了美国分销,并推出了新产品。

最近的新推出,如霍尼韦尔DreamWeaver睡眠风扇,受到了好评。这个产品就是我们另一个战略的一个很好的例子,它进一步推动了霍尼韦尔风扇对家庭的影响。 DreamWeaver将品牌扩展到睡眠类别,新的优势可以使以前的季节性产品保持全年前沿和中心。它使用舒缓的声音频率,称为粉红色噪音,提供声音阻挡效果,可以帮助促进更深,更恢复性的睡眠,以帮助它赚取和保持在床头柜上的位置,它还包括USB充电器的床边必需品,如手机。

Similarly, in beauty, consumer centric innovation continues to be a key success driver. The appliance momentum over the past two years accelerated in the quarter, driving 3.8% growth in core business sales for beauty. Our innovations combined with digital marketing and increasingly viral support for consumers are key drivers of this success. Online and international were also stand outs in the quarter for appliances. We have rapidly earned a large base of four and five star ratings on key websites and are earning strong support from bloggers and media as word spreads.
Stepping away from the business segment, I would like to now spotlight some of the other Phase II strategies, where we made good progress in the quarter, namely, accelerating shared service excellence, maximizing operating efficiency and unifying and elevating the best people. For shared services, a key focus area in Phase II is building further excellence in our processes. We have begun what we call the Helen of Troy way, which includes simplifying, standardizing and systematizing over 150 unique processes across our supply chain with the intent to create new efficiencies, lower inventory, and reduced out of stocks at the point of purchase. As an example, at the very end of May, we rolled out an upgrade of our Oracle demand planning tool. This is key when managing a complex global portfolio across multiple product categories, regions and customer requirements.
In addition, during the quarter, we also successfully transitioned our Hydro Flask direct-to-consumer operations from a third-party partner to our own distribution center, and are now in the midst of transitioning our customization operations and retail distribution in-house. We expect these actions will help improve cost, quality and speed. These changes and many more like them that are planned for Phase II would not be possible without the culture of collaboration that is now second nature across all Helen of Troy business units, shared services and regional organizations.
During Phase I, we substantially upgraded our talent pool. In Phase II, we are emphasizing training and raising the bar on performance expectations. During the quarter, we rolled out our new Helen of Troy Academy, an in-house suite of training programs that helps each associate sharpen their skills and reach their full potential. It has been very well received, and the new skills will take our people even farther.
Before I turn the call over to Brian, I want to thank you again for your trust and support, as we focus on Phase II. We have created a flywheel with considerable potential for further value creation. It power starts with our people who are focused on organic revenue growth, margin expansion from innovation and investment in our leadership brands, it gains efficiency from improvements to shared services and working capital. Further momentum comes from our debt and tax structure and accretive low risk deployment of capital. We believe these powerful elements drive the flywheel. They also underscore my belief that the brightest days for Helen of Troy are ahead of us.

同样,在美容方面,以消费者为中心的创新仍然是成功的关键因素。过去两年的家电势头在本季度加速增长,推动美容核心业务销售增长3.8%。我们的创新与数字营销相结合,并为消费者提供越来越多的病毒式支持,这是这一成家电在线和国际也在本季度脱颖而出。我们已迅速在关键网站上获得了四星级和五星级的大量基础,并且正在获得博主和媒体的大力支持。

退出业务部门,我现在想重点介绍其他一些第二阶段战略,我们在本季度取得了良好进展,即加速共享服务,最大限度地提高运营效率,统一和提升最优秀的人才。对于共享服务,第二阶段的一个关键重点领域是在我们的流程中进一步建立卓越。我们已经开始了所谓的特洛伊海伦方式,其中包括简化,标准化和系统化整个供应链中的150多个独特流程,旨在创造新的效率,降低库存,并在购买时减少库存。例如,在5月底,我们推出了Oracle需求规划工具的升级。在管理跨多个产品类别,地区和客户要求的复杂全球产品组合时,这是关键。

此外,在本季度,我们还成功将Hydro Flask直接面向消费者的业务从第三方合作伙伴转移到我们自己的配送中心,现在正在内部定制业务和零售分销过渡。我们希望这些行动有助于提高成本,质量和速度。如果没有在所有特洛伊海伦业务部门,共享服务和区域组织中具有第二天性的协作文化,那么这些变化以及更多类似于第二阶段计划的变革将是不可能的。

在第一阶段,我们大幅提升了人才库。在第二阶段,我们正在强调培训并提高绩效期望的标准。在本季度,我们推出了新的特洛伊海伦学院,这是一套内部培训计划,可以帮助每个员工提高技能并充分发挥潜力。它受到了很好的欢迎,新的技能将使我们的人民更加接受。

在我将呼叫转交给Brian之前,我想再次感谢您的信任和支持,因为我们专注于第二阶段。我们创造了一种飞轮,具有进一步创造价值的巨大潜力。它的力量始于我们的员工,他们专注于有机收入增长,创新扩张和领导品牌投资,通过改善共享服务和营运资金来提高效率。进一步的动力来自我们的债务和税收结构以及资本的增值低风险部署。我们相信这些强大的元素驱动飞轮。他们还强调了我的信念,即特洛伊海伦最亮的日子就在我们前面。

With that, I will now turn the call over to Brian.

有了这个,我现在将把这个电话转给Brian。

Brian Grass

Thank you, Julien and good afternoon, everyone. We're pleased with our first quarter results and to be in a position to raise our full year outlook. Before discussing the quarter in more detail, I'd like to further discuss the impact of tariffs, since I know this is an important topic for many of you as it is for us.
As I outlined during our Investor Day in May, we have been planning for the List 3 tariff increase from 10% to 25% for some time and believe we're in a good position to take pricing and supply chain actions to mitigate the impact of those increases.
In terms of the recently announced List 4 these tariffs were introduced for public comment, but have now been postponed pending a potential trade deal with China. As List 4 has not been implemented, we have not considered any changes to our fiscal 2020 outlook at this point. If ultimately implemented, we anticipate taking the same approach that we've taken in the past. The goal would be to offset the vast majority of the gross profit dollar impact with pricing, cost reductions, supplier consolidation, and other mitigation efforts.
I'd also like to explain the impacts of the new UK Offshore Receipts in respective of Intangible Property Tax commonly referred to as the ORIP tax and foreign currency fluctuations that I will be discussing during the call.
Beginning with the new UK ORIP tax, where intangible property is held offshore, and that property is used to facilitate sales in the UK, sales could be subject to UK gross receipts tax of 20%. The tax came into effect during the middle of the first quarter, and there are still many aspects of the legislation and implementation that remain unclear.
We intend to treat this as a transactional tax included in operating expenses. While we do not believe the tax will have a material adverse impact on our operating results, it is the headwind for the first quarter and fiscal 2020 that was not included in our original outlook.
Turning to currency, average foreign exchange rates were generally unfavorable compared to the same period last year, which negatively impacted net sales and gross profit. You will also hear me refer to a favorable impact from foreign currency in SG&A, which primarily relates to the settlement of forward contracts that are intended to offset unfavorable impact of currency on net sales and gross profit.
Turning to review of the quarter, we achieved strong results with adjusted diluted EPS above our expectations, largely due to stronger than expected net sales in Housewares and Beauty in the second half of the quarter.
Consolidated sales revenue was $376.3 million, a 6.1% increase over the prior year, driven by a core business increase of 6.8%, reflecting an increase in brick and mortar sales in the Housewares segment, growth in consolidated online sales and an increase in appliance sales in the Beauty segment.
Sales and the online channel grew approximately 28% year-over-year to now comprise approximately 23% of our consolidated net sales in the first quarter. These factors were partially offset by lower international sales in the Health & Home segment, a decline in Personal Care sales within the Beauty segment, and the unfavorable impact from foreign currency of approximately $2.5 million or 0.7%.

谢谢Julien,大家下午好。我们对第一季度业绩感到满意,并能够提升我们的全年业绩。在更详细地讨论该季度之前,我想进一步讨论关税的影响,因为我知道这对你们许多人来说都是一个重要的话题。

正如我在5月的投资者日所概述的那样,我们一直计划将List 3的关税从10%提高到25%,并相信我们能够采取定价和供应链行动以减轻其影响。那些增加。

就最近公布的清单4而言,这些关税是为了征询公众意见而引入的,但现在已推迟到与中国达成潜在贸易协议。由于清单4尚未实施,我们目前尚未考虑对2020财年前景的任何变化。如果最终实施,我们预计采取我们过去采取的相同方法。目标是通过定价,成本降低,供应商整合和其他缓解措施抵消绝大部分毛利润对美元的影响。

我还想解释一下新的英国离岸收入对各种无形财产税的影响,通常被称为ORIP税和我将在电话会议期间讨论的外汇波动。

从新的英国ORIP税开始,无形财产在海外持有,并且该财产用于促进在英国的销售,销售可能需要缴纳20%的英国总收入税。该税在第一季度中期生效,立法和实施的许多方面仍然不明确。

我们打算将此视为运营支出中包含的交易税。虽然我们认为税收不会对我们的经营业绩产生重大不利影响,但这是第一季度和2020财年的逆风,并未纳入我们的原始前景。

谈到货币,与去年同期相比,平均外汇汇率普遍不利,这对净销售额和毛利率产生了负面影响。您还会听到我提到外汇在SG&A中的有利影响,主要涉及远期合约的结算,旨在抵消货币对净销售和毛利的不利影响。

谈到本季度的回顾,我们取得了强劲的业绩,调整后的摊薄后每股收益高于我们的预期,这主要是由于本季度下半年家居用品和美容的净销售强于预期。

由于核心业务增长6.8%,综合销售收入为3.763亿美元,同比增长6.1%,反映了家庭用品部门的实体销售增长,综合在线销售增长以及家电销售增长在美容部分。

销售额和在线渠道同比增长约28%,目前占第一季度合并净销售额的约23%。这些因素部分被健康与家居部门的国际销售额下降,美容部门的个人护理销售额下降以及外币的不利影响约250万美元或0.7%所抵消。

This was a very strong quarter for Housewares segment, which posted a core business increase of 23.8% as the segment continues to see strong demand for both OXO and Hydro Flask brands online and in-store with new product introductions contributing meaningfully to growth. In line with our expectations, Health & Home core business net sales decreased 4%, which reflects a difficult comparison to expanded international distribution and the tail end of a strong cough cold flu season in the same period last year. These factors were partially offset by incremental distribution with existing domestic customers and early replenishment of certain seasonal categories.
Beauty core business net sales increased 3.8%, primarily due to growth in the appliance category, especially online and growth and international. These factors were partially offset by a decrease in brick and mortar and a decline in Personal Care.
Consolidated gross profit margin was 40.8%, compared to 41.3%. The 0.5 percentage point decrease is primarily due to the impact of tariff increases, unfavorable foreign currency and higher freight expense, partially offset by the favorable margin impact from growth from leadership brands and a higher mix of Housewares sales. SG&A was 28.1% of net sales, compared to 28.6%.
The 0.5 percentage point decrease is primarily due to the impact of our pricing actions taken with retail customers, the favorable impact of foreign currency exchange and forward contract settlements, the impact of greater operating leverage and lower product liability claim expense. These factors were partially offset by higher annual incentive and share-based compensation expense related to short and long-term performance, higher new product development expense and higher advertising expense.
GAAP operating income was $47.2 million or 12.5% of net sales. This compares to $43.3 million or 12.2% of net sales in the same period last year. The increase in margin was driven by the favorable comparative impact of restructuring charges of $1.1 million and lower SG&A as a percentage of net sales, partially offset by a reduction in gross profit margin. Adjusted operating income of $59.3 million, or 15.8% of net sales compared to $55.5 million or 15.6% of net sales.
Turning now to adjusted operating margin by segment, Housewares adjusted operating margin was 23.7% compared to 21.7%. The 2 percentage point increase primarily reflects the margin impact of a more favorable product and channel mix and greater operating leverage. These factors were partially offset by higher advertising investment to support the brands, new product launches and expanded distribution, higher annual incentive compensation expense and higher new product development expense.
Health and home adjusted operating margin was 13.7% compared to 15.3%, the 1.6 percentage point decrease primarily reflects the impact of tariff increases, the unfavorable impact of foreign currency on net sales and gross profit, higher new product development expense, lower operating leverage and a less favorable product and channel mix. These factors were partially offset by the favorable impact of foreign currency exchange and forward contract settlements in SG&A and lower product liability claim expense.

对于家庭用品部门来说,这是一个非常强劲的季度,该部门的核心业务增长率为23.8%,因为该部门继续看到OXO和Hydro Flask品牌在线和店内的强劲需求,新产品的推出为增长做出了有意义的贡献。根据我们的预期,健康与家庭核心业务净销售额下降4%,这反映了与扩大的国际分销和去年同期强咳感冒流感季节结束的艰难比较。这些因素部分被现有国内客户的增量分配和某些季节性类别的早期补充所抵消。

美容核心业务净销售额增长3.8%,主要是由于家电类别的增长,特别是在线和增长以及国际。这些因素部分被实体减少和个人护理减少所抵消。

综合毛利率为40.8%,而去年同期为41.3%。下降0.5个百分点主要是由于关税增加,不利外币和较高的运费支出的影响,部分被领导品牌增长带来的有利保证金影响和家庭用品销售的更高组合所抵消。 SG&A占净销售额的28.1%,而28.6%。

0.5个百分点的减少主要是由于我们对零售客户采取的定价行动的影响,外币兑换和远期合约结算的有利影响,更大的经营杠杆的影响以及较低的产品责任索赔费用。这些因素部分被与短期和长期业绩相关的年度激励和股票薪酬支出增加,新产品开发费用增加以及广告费用增加所抵消。

GAAP营业收入为4720万美元,占净销售额的12.5%。相比之下,去年同期的净销售额为4330万美元,占12.2%。保证金增加的原因是重组费用110万美元的有利比较影响以及较低的销售和营业额占净销售额的百分比,部分被毛利率下降所抵消。调整后的营业收入为5930万美元,占净销售额的15.8%,而5550万美元为净销售额的15.6%。

现在转向调整后的经营利润率,家庭用品调整后的经营利润率为23.7%,而21.7%。 2个百分点的增长主要反映了更有利的产品和渠道组合以及更大的经营杠杆对保证金的影响。这些因素部分抵消了支持品牌,新产品发布和扩大分销的更高广告投入,更高的年度激励薪酬支出和更高的新产品开发费用。

健康和家庭调整后的经营利润率为13.7%,而15.3%,下降1.6个百分点主要反映了关税增加的影响,外汇对净销售和毛利的不利影响,新产品开发费用增加,经营杠杆率降低以及不太有利的产品和渠道组合。这些因素部分被外汇兑换和远期合约结算对SG&A的有利影响以及较低的产品责任索赔费用所抵消。

Beauty adjusted operating margin was 4.8% compared to 6.8%. The 2 percentage point decrease is primarily due to higher freight expense to meet the strong demand in the appliance category, a less favorable product and channel mix and higher new product development expense. These factors were partially offset by lower advertising and amortization expense.
Our effective tax rate was 7.6% compared to 6.2%. The year-over-year increase in the effective tax rate is primarily due to shifts in the mix of taxable income in the company's various tax jurisdictions and increases in certain statutory tax rates. Income from continuing operations was $40.7 million or $1.61 per diluted share, compared to $38.2 million or $1.43 per diluted share.
Non-GAAP adjusted income from continuing operations was $52.1 million or $2.06 per diluted share, compared to $49.8 million or $1.87 per diluted share. This represents the 10.2% increase in adjusted diluted EPS despite unfavorable foreign currency, the new UK ORIP tax, and an increase in growth investments year-over-year. We are pleased to deliver strong growth on top of a 32.6% increase in adjusted diluted EPS in the same period last year.
Now moving on to our financial position, accounts receivable turnover increased to 66.8 days for the first quarter, compared to 62.6 days in the same period last year. Turnover as an average trailing 12 month calculation and the increase primarily reflects the timing of revenue growth and cash collections period over period. Our accounts receivable balance at the end of the first quarter was $262.5 million, compared to $255.7 million at the same time last year.
Trailing 12 month inventory turnover improved to 3.2 times compared to 3.1 times in the prior year period. Inventory was $335.3 million compared to $256.3 million at the same time last year. The increase largely reflects temporarily higher inventory levels to avoid any potential disruption in supply as we continue certain strategic supplier consolidations. And as we complete the integration of Hydro Flask into one of our core distribution facilities, we expect to improve our inventory levels as these projects are completed.
Net cash provided by operating activities from continuing operations decreased $13.2 million compared to the same period last year. The decrease was primarily due to an increase in cash used for inventory. This was partially offset by a decrease in cash used by accrued expenses and other current liabilities. Total short and long-term debt was $321.1 million compared to $300.1 million. Our leverage ratio was 1.3 times for both periods.
Our first quarter results were a good example of how the dynamic omni-channel retail environment can alter the cadence of our quarterly results, as we continue to adapt to this evolving landscape and quickly capitalize on opportunities. Retailers are adjusting to the same environment which can result in order volatility. Our digital advertising initiatives have been effective and measurable, but can also vary quarter-to-quarter and year-over-year. Despite this variability, we are pleased with our operational execution and ability to achieve consistent annual results and expect to continue to prioritize annual performance and the long-term health for businesses.

美容调整后的营业利润率为4.8%,而6.8%。 2个百分点的下降主要是由于较高的运费支出以满足家电类别的强劲需求,较不利的产品和渠道组合以及较高的新产品开发费用。这些因素部分被较低的广告和摊销费用所抵消。

我们的有效税率为7.6%,而6.2%。有效税率的同比增长主要是由于公司各税收管辖区的应税收入组合的变化以及某些法定税率的增加。持续经营收入为4070万美元,每股摊薄收益为1.61美元,而每股摊薄收益为3820万美元或1.43美元。

来自持续经营业务的非美国通用会计准则调整后收入为5210万美元或每股摊薄收益2.06美元,而每股摊薄收益为4980万美元或1.87美元。尽管不利的外汇,新的英国ORIP税以及同比增长投资增加,这意味着调整后的稀释每股盈利增长10.2%。我们很高兴在去年同期调整后摊薄后每股盈利增长32.6%的基础上实现强劲增长。

现在继续我们的财务状况,第一季度的应收账款周转率增加到66.8天,而去年同期为62.6天。营业额作为平均12个月的平均值计算,增长主要反映了收入增长和现金收款期间的时间。我们在第一季度末的应收账款余额为2.625亿美元,而去年同期为2.557亿美元。

过去12个月的库存周转率提高至3.2倍,而去年同期为3.1倍。库存为3.353亿美元,而去年同期为2.563亿美元。由于我们继续进行某些战略性供应商整合,这一增长在很大程度上反映了暂时较高的库存水平,以避免供应中断。当我们完成Hydro Flask与我们的核心配送设施的整合时,我们希望在这些项目完成后提高库存水平。

持续经营业务活动提供的现金净额较去年同期减少1,320万美元。减少的主要原因是库存现金增加。这部分被应计费用和其他流动负债的现金减少所抵消。短期和长期债务总额为3.211亿美元,而3亿美元为3亿美元。我们的杠杆率在两个时期均为1.3倍。

我们的第一季度业绩是动态全渠道零售环境如何改变我们季度业绩的节奏的一个很好的例子,因为我们将继续适应这一不断变化的格局并快速利用机遇。零售商正在适应相同的环境,这可能导致订单波动。我们的数字广告计划一直有效且可衡量,但也可能每季度和同比变化。尽管存在这种差异,我们对我们的运营执行情况和实现一致年度业绩的能力感到满意,并期望继续优先考虑年度业绩和企业的长期健康状况。

Turning to our outlook, although it is early in our fiscal year, we are increasing of our full year expectations to reflect the strength of the first quarter. We're especially pleased to increase our adjusted diluted EPS outlook, while making incremental growth investments and absorbing unfavorable impacts from foreign currency, and the new UK ORIP tax, all of which were not included in our original outlook.
For fiscal 2020, we now expect consolidated net sales revenue in the range of $1.59 billion to $1.62 billion, which implies consolidated sales growth of 1.7% to 3.6%, compared to the prior expectation of 1% to 3%. Our net sales outlook reflects an increase in Housewares net sales growth to 6% to 8%, compared to our prior expectation of 4% to 6%. We're maintaining our outlook for Health & Home net sales growth of 2% to 3%, and we're maintaining our outlook for Beauty net sales decline in low-single digits, which includes the expectation for a third consecutive year of growth in our appliance business.
We now expect consolidated GAAP diluted EPS from continuing operations of $6.80 to $6.97 and non-GAAP adjusted diluted EPS from continuing operations in the range of $8.40 to $8.65, which excludes any asset impairment charges, restructuring charges, share-based compensation expense, and intangible asset amortization expense.
Our net sales and diluted EPS outlook assumes the severity of the upcoming cough cold flu season will be in line with historical averages, and that June 2019, foreign currency exchange rates will remain constant for the remainder of the fiscal year. The year-over-year comparison of adjusted diluted EPS from continuing operations is impacted by an expected increase in growth investments of 12% to 17% in fiscal 2020, compared to our prior expectation of 10% to 15%. Our diluted EPS outlook is based on an estimated diluted shares outstanding of 25.3 million.
The increase in adjusted diluted EPS outlook reflects our strong performance in the first quarter, partially offset by the expected impact of the new UK ORIP tax, the expected unfavorable impact from the assumption that June 2019 foreign currency exchange rates will remain constant for the rest of fiscal 2020 and the expected increase in growth investments compared to our original outlook. Combining these items have an impact of approximately $0.20 per diluted share.
We continue to expect adjusted EPS growth for fiscal 2020 to be concentrated in the second half of the year, due to strong performance comparison, and specific events in the first half of fiscal 2019. We now expect growth in adjusted diluted EPS for the first half of fiscal 2020 of 4% to 6% year-over-year. We expect the reported GAAP effective tax rate range of 9.9% to 11.9% and an adjusted effective tax rate range of 9.1% to 10.7% for the full fiscal year in 2020.
The likelihood potential impact of any fiscal 2020 acquisitions and divestitures future asset impairment charges, future foreign currency fluctuations, further tariff increases or further share repurchases are unknown and cannot be reasonably estimated, therefore, they are not included in our sales and earnings outlook.

谈到我们的前景,尽管在我们的财政年度初期,我们正在增加全年的预期,以反映第一季度的实力。我们特别高兴的是增加调整后的摊薄后每股收益前景,同时进行增量增长投资并吸收外币的不利影响,以及新的英国ORIP税,所有这些都不包括在我们的原始展望中。

对于2020财年,我们现在预计合并净销售收入在15.9亿美元至16.2亿美元之间,这意味着综合销售额增长1.7%至3.6%,而先前预期为1%至3%。我们的净销售前景反映出家庭用品净销售额增长率达到6%至8%,而之前的预期为4%至6%。我们维持对健康与家庭净销售额增长2%至3%的前景,我们维持美的净销售额下滑低个位数,其中包括预期连续第三年增长我们的家电业务。

我们现在预计合并GAAP摊薄后每股盈利将从6.80美元持续到6.97美元,非GAAP调整后的持续经营摊薄后每股收益在8.40美元至8.65美元之间,不包括任何资产减损费用,重组费用,股权奖励支出和无形资产资产摊销费用。

我们的净销售额和摊薄每股盈利前景假设即将到来的咳嗽感冒流感季节的严重程度将与历史平均水平一致,而在2019年6月,外币汇率将在本财政年度的剩余时间内保持不变。调整后的稀释每股收益与持续经营业务的年度比较受到2020财年增长投资预期增长12%至17%的影响,而之前的预期为10%至15%。我们的摊薄后每股盈利预测基于估计摊薄后的2530万股流通股。

调整后的稀释每股盈利预测的增加反映了我们在第一季度的强劲表现,部分被新英国ORIP税的预期影响所抵消,预计2019年6月外币汇率将保持不变的预期不利影响与我们的原始前景相比,2020财年和增长投资的预期增长。合并这些项目的每股摊薄收益约为0.20美元。

由于强劲的业绩比较以及2019财年上半年的具体事件,我们继续预计2020财年的每股盈利增长将集中在下半年。我们现在预计上半年调整后的摊薄后每股收益增长2020财年同比增长4%至6%。我们预计公布的GAAP有效税率范围为9.9%至11.9%,2020年整个财政年度的调整后有效税率范围为9.1%至10.7%。

任何2020财年收购和剥离未来资产减值费用,未来外汇波动,进一步关税增加或进一步股票回购的可能性潜在影响都是未知的,无法合理估计,因此,它们不包括在我们的销售和盈利前景中。

Now, I'd like to turn it back to the operator for questions.

现在,我想把它转回给运营商提问。

问答环节

Thank you. [Operator Instructions] We’ll go first to Frank Camma with Sidoti.

谢谢。 [操作员说明]我们将首先与Sidoti一起前往Frank Camma。

Frank Camma

Hey, good afternoon, guys.

嘿,大家下午好。

Julien Mininberg

Yes, hey, Frank, how you’re doing?

是的,嘿,弗兰克,你是怎么做的?

Frank Camma

Good. Thanks for taking the question. A couple of things, can you start -- I know you gave some color on this, but can you talk a little bit more about the cadence of the quarter given the size of the beat here. I mean, it obviously you called out Housewares and Beauty and it sounds like it was really backend weighted, was that replenishment, was that new distribution, can you go a little bit more into that by segment?

那么Chip,也许您可以详细说明该品牌的全球发展势头,也许您认为创新如何推动下一轮增长的增长? 在我们考虑F.L.X.,数据分析,CRM和忠诚度时,只需触及一些增量增长动力。.........

Brian Grass

Sure. I think there's -- while we don't expect 23% growth in that segment on an ongoing basis. I would say there's not a lot of unusual things driving sales there, it’s been driven by strong demand for both Hydro Flask and OXO products and solid distribution, but not what I would call a lot of pipeline filled. It's really mostly being driven by demand. And, maybe is a little bit lumpy based on the timing of some of the programs that's going on at the retailers. But I would call nothing incredibly unusual. And you're right, it was concentrated more in the back half of the quarter…

当然。 我认为 - 虽然我们预计该部门不会持续增长23%。 我想说,那里的销售并不是很多不寻常的事情,它是由对Hydro Flask和OXO产品的强劲需求以及稳固的分销所驱动的,但不是我所谓的大量管道填充。 它主要受需求驱动。 而且,根据零售商正在进行的一些程序的时间安排,可能会有点块状。 但我不会说任何不寻常的事。 你是对的,它更集中在本季度的后半段......

Frank Camma

And there was no club channel either it sounded like or a less how I should say.

并且没有任何俱乐部频道,无论是听起来还是更少,我应该怎么说。

Brian Grass

Less, there were club channel in both periods, but actually less in the first quarter of this year compared to the same quarter last year.

较少,两个时期都有俱乐部频道,但与去年同一季度相比,今年第一季实际上更少。

Frank Camma

Okay, --. Go ahead. I’m sorry.

好的, - 。 前进。 对不起。

Julien Mininberg

I apologize, Julien here. And sorry to interrupt either of you. I want to say also that in the Beauty segment, we just really had very strong demand in the appliances. And as product came in, especially late in the quarter as Brian mentioned, even just the last few weeks, a lot of product went out of the door to meet pent up demand. So this is not inventory or pipeline, this is just pure sell through and filling in suction from the market for some really good products. And those innovations are drawing that viral stuff that you heard me talk about in the prepared remarks. And the result is not just a big beat, but surprised us as especially in the back half of the quarter.

我道歉,朱利安在这里。 很抱歉打断你们两个人。 我还要说,在美容领域,我们对电器的需求确实非常强劲。 随着产品问世,尤其是布莱恩提到的季度末,即使只是过去几周,也有很多产品出现以满足被压抑的需求。 因此,这不是库存或管道,这只是纯粹的销售,并填补了市场对一些非常好的产品的吸力。 而那些创新正在吸取你在准备好的评论中听到我谈论的那种病毒式的东西。 结果不仅仅是一个大节拍,而是让我们感到惊讶,特别是在本季度的后半段。

Frank Camma

Well, Beauty makes sense to me because you had success in the first -- the last quarter. So I kind of see kind of the pull through on that. But your numbers or guidance for Housewares for the balance of year would suggests no matter how you look at it a huge deceleration in revenue growth. So can you explain like how that work through your system?

好吧,美丽对我有意义,因为你在第一季度 - 最后一季度取得了成功。 所以我有点看到了那种情况。 但是,无论您如何看待收入增长的巨大减速,您对家庭用品的年度余额的数据或指导意味着无论如何。 那么你能解释一下你的系统是如何工作的吗?

Brian Grass

You mean versus the big number that was just delivered...

你的意思是与刚刚交付的大数字相比......

Frank Camma

Yes, I mean, your 23%, well, yes, I get that it's an increase in the year. But to get to a -- I thought you said a top end of growth for the year of revenue growth was 8%. Is that correct?

是的,我的意思是,你的23%,嗯,是的,我认为这是今年的增长。 但是为了达到这个目标 - 我认为你说收入增长年度的最高增长率为8%。 那是对的吗?

Brian Grass

Correct. It’s still early in the year…

正确。 它仍然在今年年初......

Frank Camma

Mathematically, you have to grow, like in a range of 4% to 5% for the balance of the year.

在数学上,你必须增长,比如今年余额的4%到5%。

Brian Grass

Well, keeping mind that the first quarter is a smaller quarter comparatively in absolute dollars. So the following quarters have much more ability to influence the results. So, I mean, you got to do the math in dollars, you can't just look at percentages to be able to get there.

那么,请记住,第一季度相对于绝对美元来说是一个较小的季度。 因此,以下几个季度有更大的能力来影响结果。 所以,我的意思是,你必须用美元做数学,你不能只看百分比才能到达那里。

Julien Mininberg

And not only the size of the base in the different quarters, but the year-over-year of the prior year. So if you look at Q2 of Housewares, so when you're asking about in the second quarter of last year, the growth from the year before was substantial. So to grow over that is a big number we will and then to grow further for the rest of the year than we originally pointed out. Some of it’s rolling through the beat that we just had to your question. And some of it is just early days, we haven't seen the whole year play out yet. I'm not saying we’ll do better, I'm simply saying might even turn out up from there was the how the year plays out Frank.

不仅是不同季度基地的规模,而且是上一年的同比。 因此,如果你看看家庭用品的第二季度,那么当你在去年第二季度询问时,前一年的增长是巨大的。 因此,为了实现这一目标,我们将在今年剩余时间里进一步增长,这比我们最初指出的要多。 其中一些正在滚动我们刚才对你的问题的节拍。 其中一些只是早期,我们还没有看到全年发挥作用。 我并不是说我们会做得更好,我只是说甚至可能会出现弗兰克今年的表现。

Brian Grass

Historically the first quarter is their smallest sales quarter.

从历史上看,第一季度是他们最小的销售季度。

Frank Camma

No, I get that and you comp -- but you did comp against your pretty much your biggest quarter from a year-over-year. So unless my numbers are wrong. So I think you had 19% year-over-year last year that you went to about 19% and then by fourth quarter it decelerated to 8% correct for Housewares…

不,我得到了你和你的比赛 - 但是你确实比你年度最大的一个季度更好。 除非我的数字是错误的。 所以我认为你去年同比增长了19%,你去了大约19%,然后到了第四季度它减少到8%正确的家庭用品......

Julien Mininberg

Yes, but careful with what Brian is saying. It's one thing to do the percentages and you’re right...

是的,但要小心Brian说的话。 做百分比是一回事,你是对的......

Frank Camma

Yes, I get the numbers, no I do. I get the numbers. No, I don't want to beat that point up. But okay. Can you just -- then I'll get out of the line on this. But can you explain why the Beauty margin given the sales now I'm just looking at net of restructuring expenses. Why the margin wouldn't have expanded more?

是的,我得到了数字,不,我做。 我得到了数字。 不,我不想打败这一点。 但没关系。 你能不能 - 然后我会在这方面走出困境。 但是你能解释一下为什么现在给予销售的美容保证金我只关注重组费用的净额。 为什么保证金不会扩大?

Brian Grass

Right. There's a fairly -- we called it out. There's fairly significant amount of freight expense that we made the decision to incur to -- in order to fulfill against the strong demand that we have for some of the products. And so we had to use expedited freight in order to meet that strong demand. And we chose out of the options to make that choice, even though it does have a temporary drag on margins. We're out of the position where we'll need to incur that expense on a go forward basis.

对。 有一个相当 - 我们称之为。 我们决定承担相当大的运费开支 - 以满足我们对某些产品的强烈需求。 所以我们不得不使用加急运费来满足这种强劲的需求。 我们选择了不同的选项来做出这个选择,即使它确实会对利润率产生暂时的拖累。 我们不能在前进的基础上承担这笔费用。

Frank Camma

Okay. So it normalizes...

好的。 所以它正常化......

Brian Grass

Yes, correct.

是,对的。

Julien Mininberg

And remember, we're consumer centric, and there's a lot of draw for those products in the market. So it's one thing to say no to a customer, we don't have the product at the full level of order and allocate. It's another thing to make the choice to supply the market, satisfy the consumer with a product that we know is a winner. And in several of those innovations, it's just a lot of demand. And we made that choice. And as Brian mentioned, with the supply now significantly increased, we don't see that going forward. So there's a normalization.

请记住,我们以消费者为中心,对市场上的这些产品有很多吸引力。 因此,向客户说“不”是一回事,我们没有完整订单和分配的产品。 另一件事是做出选择来供应市场,用我们认为是赢家的产品来满足消费者。 在其中一些创新中,它只是需求量很大。 我们做出了这个选择。 正如布莱恩所说,随着供应量的增加,我们看不到这种情况。 所以有一个规范化。

Brian Grass

You also had a -- Frank, the mix factor of the decline in Personal Care, which has got a much stronger margin that decreasing will have an impact on the overall margin.

你还有一个 - 弗兰克,个人护理下降的混合因素,它有一个更大的利润率,下降将对整体利润率产生影响。

Frank Camma

Okay, great. Thanks, guys.

好,太棒了。 多谢你们。

Julien Mininberg

Yes, you bet. Thanks, Frank.

是的,你打赌。 谢谢,弗兰克。

会议主持员

And we'll go next to Olivia Tong with Bank of America.

我们将和美国银行一起去Olivia Tong。

Olivia Tong

Great, thanks.

十分感谢。

Julien Mininberg

Yes, hey, Olivia. Hi. Your first call with us. Welcome. We're thrilled. And they've been following the company for a long time, but great to see you.

是的,嘿,奥利维亚。你好。 你第一次打电话给我们。 欢迎。 我们很激动。 他们一直关注公司很长一段时间,但很高兴见到你。

Olivia Tong

First question is just around the incremental investment dollars. It sounds like, you obviously had a nice quarter. So it sounds like you're on growth investments. Can you talk about where that incremental dollars going forward?

第一个问题就是增量投资资金。 听起来,你显然有一个不错的季度。 所以听起来你正在进行增长投资。 你能谈谈未来增量美元的来源吗?

Brian Grass

Yes, great question. And we are increasing we’re very pleased to do that the fuel from the first quarter result gives us the confidence. There's a lot of opportunities across the leadership brands. So it's concentrated in those seven brands. It's primarily going online, there's some money going into international expansion. And there's a fair amount focused on the digital marketing side of online, as opposed to just the e-commerce support.
So you'll see us very active on the Amazons of the world, on the e-commerce etail side, because that's where the consumer is, and we are consumer centric. And the rest of that digital money is going against marketing campaigns for new items, feeding some of the viral stuff that has just been so strong that we almost couldn't pour enough money into it at this point.
And then as the seasons come up, whether it's cold flu, or the hot summer, for example, so those are places where we didn't have to put marketing money against things like fans they sold themselves. Things like the cold flu season or the upcoming heaters, we'll see how the wildfires and all that stuff if there are any turnout. So these are the places where the money will be spent. And on the social media side, we found some really good levers with attractive ROI and now that we have some more money to pour into them, we will increase the investments.

是的,很好的问题。我们越来越高兴我们非常高兴第一季度的燃料结果给了我们信心。领导品牌有很多机会。所以它集中在这七个品牌中。它主要上线,有一些资金用于国际扩张。而且只有电子商务支持相对于网络的数字营销方面有相当数量。

所以你会看到我们在电子商务方面对世界亚马逊人非常活跃,因为那是消费者的所在,而我们是以消费者为中心的。其余的数字资金正在反对针对新产品的营销活动,提供一些非常强大的病毒式内容,以至于我们几乎无法在此时投入足够的资金。

然后随着季节的来临,无论是感冒还是炎热的夏天,所以这些地方我们没有必要把营销资金放在他们卖自己的粉丝之类的东西上。像冷流感季节或即将到来的加热器这样的事情,如果有任何投票率,我们将看到野火和所有这些东西。所以这些都是花钱的地方。在社交媒体方面,我们发现了一些非常好的杠杆,具有吸引力的投资回报率,现在我们有更多的钱投入其中,我们将增加投资。

Olivia Tong

All right, super helpful. And then I want to talk a little bit about the [indiscernible] about Housewares. It sounds like there's nothing one time or temporary and there is great demand. So if you could perhaps breakdown a little bit the POS growth you just presented? And is this distribution plus one or we should anticipate more quarters of elevated growth or in this also layering in prior gains, our prior gains approximately.

好的,非常有帮助。 然后我想谈谈有关家庭用品的[音频不清晰]。 这听起来似乎没有任何时间或暂时的,并且有很大的需求。 那么,如果您可能稍微分解一下您刚刚提出的POS增长情况? 这个分布加上一个还是我们应该预测更多的增长高速增长,或者这也是先前收益的分层,我们之前的收益大致相当。

Brian Grass

Yes, understood. So we talked about both brands OXO and the Hydro Flask that’s Housewares, there's both positive, but also different stories. So starting with OXO, OXO is fairly well penetrated in this country in United States. It does have lots of opportunities overseas, and we are making progress overseas. And we like what we see, on the one hand.
On the other hand in the United States, some of the new products just earned incremental distribution at some of the biggest customers. And we are doing well on shelf. They're making decisions about rationalizing what they want on shelf and OXO is strong enough in its POS performance, that it's emerging the victor in plenty of those decisions at buyer. So there's some incremental distribution there.
We're leaning in online, online is doing very well for OXO and that incremental spending that I just referred to is helping to feed in and we're learning every day and just getting sharper and sharper on how we spend. And the new products themselves, they're just appealing to consumers and they are generally selling through very well.
You heard us talk about food storage and personal household organization stuff as two examples in the prepared remarks this quarter POP 2.0 Containers as specific and I think you saw those in the innovation showcase in the Investor Day and they're pretty cool. The new Coffee Grinders are tearing up the track. They're winning all kinds of awards, as well. So these are things that we're leaning into.
In the case of Hydro Flask, Hydro Flask is earned a lot of new distribution, especially in the East Coast to the couple of big retailers, who have leaned in on the category and specifically leaned in on the brand. And then we've earned more shelf space. We're putting some very good items on the shelf and also some new ones. So that major outdoor sports and those retailers. They are now anniversarying.
And so as a result, you're talking about pure sell through, and acceleration of the consumer appeal, I mean, you can see it in the market share, actually. And I mentioned that we're expanding in already leadership position in the metal beverage ware market share and that's a result of some of what I'm saying here.
And then in terms of growth drivers, the same that we've highlighted a couple of times on Hydro Flask beyond still winning distribution are hard at work. So I'm talking about new products, like the soft lines that we talked about specifically in the call today, and we even named a couple of specific items around the new hydration packs. And there's a few other new packs that are just out there now and attractive to consumers. So the sell through looks good.
Other new products in the bottle space, whether it’s new colors, new shapes, new sizes, we have some very cool ones that are being introduced into the marketplace, customization. And then lastly international, which is a growth driver for Hydro Flask and a lot of wide space for us on the subject of International.
So this is where the sustainability comes from and I've had the concern frankly from investors for probably about three years now, which is how could you keep that thing growing, and with no arrogance of any kind its revenues are multiples of when we bought it and it continues to grow very strongly.

是的,明白了。所以我们谈到了OXO和Hydro Flask这两个家庭用品,既有积极的,也有不同的故事。因此,从OXO开始,OXO在美国这个国家已经相当不错。它确实在海外有很多机会,我们正在海外取得进展。我们一方面喜欢我们看到的东西。

另一方面,在美国,一些新产品只是在一些最大的客户中获得增量分销。我们在货架上做得很好。他们正在做出关于合理化他们想要的货架的决定,而OXO在其POS性能方面已经足够强大,它正在成为买家的大量决策中的胜利者。所以那里有一些增量分配。

我们倾向于在线,在线对OXO做得非常好,而我刚才提到的增量支出正在帮助提供,我们每天都在学习,而且我们的花费更加清晰锐利。而新产品本身,它们只是吸引消费者,他们通常卖得很好。

你听说我们谈论食品储存和个人家庭组织的东西,作为本季度准备好的评论中的两个例子POP 2.0容器具体而且我认为你在投资者日的创新展示中看到了那些并且它们非常酷。新的咖啡研磨机正在撕毁赛道。他们也赢得了各种奖项。所以这些都是我们倾向于的东西。

在Hydro Flask的案例中,Hydro Flask获得了许多新的分销,特别是在东海岸的几家大型零售商,他们倾向于这个类别,并专门倾向于品牌。然后我们获得了更多的货架空间。我们在货架上放了一些非常好的物品,还有一些新货。这样的主要户外运动和那些零售商。他们现在是周年纪念日。

因此,你说的是纯粹的销售,加速消费者的吸引力,我的意思是,你可以在市场份额中看到它,实际上。我提到我们正在扩大金属饮料市场份额的领导地位,这是我在这里所说的一些结果。

然后就增长动力而言,我们已经在Hydro Flask上突出了几次,但仍然在赢得分销之外,这一点很难实现。所以我说的是新产品,比如我们今天在电话会议中特别谈到的软线,我们甚至在新的水合包装上点了几个具体的项目。现在还有一些其他新包装,对消费者有吸引力。所以卖出看起来不错。

瓶子空间中的其他新产品,无论是新颜色,新形状,新尺寸,我们都有一些非常酷的产品正在推向市场,定制。然后是国际化,这是Hydro Flask的增长动力,并且在国际主题方面为我们提供了广阔的空间。

所以这就是可持续发展的来源,我现在已经有三年左右的时间从投资者那里得到了坦诚的关注,这就是你怎么能保持这种增长,并且没有任何傲慢,它的收入是我们买的时候的倍数它继续强劲增长。

Olivia Tong

Got it, thank you very much.

知道了,非常感谢你。

Julien Mininberg

Thank you, Olivia. Thank you for the questions.

谢谢你,奥利维亚。 谢谢你的提问。

会议主持员

We’ll go next to Linda Bolton Weiser with D.A. Davidson.

我们将与D.A.一起去Linda Bolton Weiser。戴维森。

Linda Bolton Weiser

Hi.

你好。

Julien Mininberg

Yes, hi Linda.

是的,琳达琳。

Linda Bolton Weiser

Hi. So just keeping on that topic of the growth of Housewares, in terms of what inning Hydro Flask is in terms of distribution gains, what inning would you say it's in?

你好。 那么就继续关注家庭用品增长这个话题,就Hydro Flask的分配收益而言,你会说它在哪个局面?

Julien Mininberg

I would say in the U.S., it's probably in the later part of the middle innings. So think like sixth inning, something like that.

我想在美国说,这可能是在中间局的后期。 所以像第六局那样思考,就像那样。

Brian Grass

But just with respect to bottles, its core category, it has new categories that where distribution still began.

但就其核心类别的瓶子而言,它有新的类别,分销仍然开始。

Julien Mininberg

Yes, I'm talking about bottles. So if you back up like two, three years of primarily West Coast heavy brand, which is just crushing it on the West Coast, expanded into the Midwest, started expanding into the Southwest, and then into the East. The Southeast is still even still a little underdeveloped, the Northeast just a year ago was underdeveloped. So this is the trip from call it the second inning to the third, fourth, fifth like that.
It's probably more like the sixth now and I think there's incremental distribution yet to be earned for Hydro Flask. It is setting trends, and I myself was just in Northern California for some business things a week or so ago, I was on a campus of a major university there, there were tons of kids and doing all kinds of sports things at teams of the 20 30 kids were walking by and they were easily 15 and 18 Hydro Flask in a pot of 20 kids and a lot of them were the newer colors.
So even in a place where the distribution is in its higher innings like California where a lot of this started, you're seeing the new items penetrate far, and all kinds of users coming in and buying into the trend and want these products. So it's not just about innings of distribution, it's about new items that are driving existing distribution into new sell-through.
And then when you talk about International, even though we're doing very well, the whole doubling down thing I’d tell you will be shorter to say all the opportunities and to see places where we are, there’s just so many ways to grow. I'd say they were probably in the second inning at most on the subject of maybe first on the subject of distribution opportunities in the developed part of the world and then the specific countries where we've chosen. And obviously for competitive reasons, we wouldn't list them all. But the intention is to drive far in the international where eight of the nine innings are left to play.

是的,我在谈论瓶子。因此,如果你支持两年,三年主要是西海岸重型品牌,这只是在西海岸碾压它,扩展到中西部,开始扩展到西南,然后进入东部。东南部地区仍然有点不发达,一年前的东北部地区还不发达。所以这就是从第二局到第三局,第四局,第五局这样的旅程。

它现在可能更像是第六个,我认为Hydro Flask尚未获得增量分配。它正在引领潮流,我本人在大约一个星期左右就在北加利福尼亚州做了一些商业事务,我在那里的一所大学的校园里,有很多孩子,并在团队中做各种体育活动。 20个孩子在走过,他们很容易就像一个20个孩子的15和18个Hydro Flask,其中很多都是新颜色。

因此,即使在像加利福尼亚州这样的分布较高的地方,其中很多都开始了,你会看到新产品渗透到远方,各种各样的用户进入并购买潮流并想要这些产品。所以这不仅仅是关于分销的局面,而是关于将现有分销推向新的销售的新项目。

然后当你谈论国际时,即使我们做得很好,我告诉你的整个翻倍的事情会更短,说出所有的机会,看到我们所在的地方,有很多种方法可以成长。我会说他们可能最初的第二局可能是关于世界发达地区的分配机会主题,然后是我们选择的具体国家。显然出于竞争原因,我们不会全部列出。但目的是在国际赛场上取得很大进展,九局中有八局将继续发挥作用。

Linda Bolton Weiser

Okay. And then, can I just ask on the Health & Home, I think your prior year comparison gets even tougher in the second quarter. So, I mean, even like could core sales be down actually, like 10% or more in the second quarter? And then if so, it really has to be a big ramp in the second half. Is there any particular new product launch or any kind of comparison issue that would give us confidence, you can really see a much higher growth rate in the second half of the fiscal?

好的。 然后,我可以问健康和家庭,我认为你的上一年比较在第二季度变得更加艰难。 所以,我的意思是,即使核心销售实际上会下降,比如第二季度的10%或更多? 然后如果是这样的话,下半场真的必须是一个大坡道。 是否有任何特定的新产品发布或任何类型的比较问题会给我们带来信心,您可以在财政的下半年真正看到更高的增长率吗?

Brian Grass

For Health & Home in particular.

特别是健康与家庭。

Julien Mininberg

Yeah, that’s what she's asking.

是的,这就是她的要求。

Brian Grass

Yes, you mentioned 10%. I would say we're not expecting a 10% decline in the second quarter. I think it's safe to assume we're expecting a decline. But, somewhere in the range of 0% to 5% for Health & Home.

是的,你提到了10%。 我想我们预计第二季度不会下降10%。 我认为假设我们期待下降是安全的。 但是,Health&Home的范围在0%到5%之间。

Julien Mininberg

But to be clear that's not because of some sort of huge weakness, it's because of -- your point that you just made that base is a monster in the year ago period. We're very proud of that result. Now we’re over it that's a hard thing to do. And so that's what's doing the math of that decline that he is talking about.

但要明确的是,这并不是因为某种巨大的弱点,而是因为 - 你的观点是你刚刚制造的基地是一年前的怪物。 我们为这一结果感到自豪。 现在我们已经结束了,这是一件很难的事情。 所以这就是他正在谈论的那种下降的数学问题。

Brian Grass

Does that answer all the questions?

这回答了所有问题吗?

Linda Bolton Weiser

Yes, it did. Yes. Excellent. And then, on the tariffs, can you just remind us on the List 3, which I guess is the 25%, correct, when is that effective?

是的,它确实。 是。 优秀。 然后,关于关税,你能不能在列表3中提醒我们,我猜这是25%,正确,什么时候有效?

Brian Grass

It's already effective, and our pricing is already effective.

它已经有效,我们的定价已经有效。

Julien Mininberg

Yes and the moves on the…

是的,以及...的举动

Brian Grass

Sorry, maybe you're talking about List 4 not 3? There's a List 4 that's on a very large group of items including iPhones and things like that, that has not been put into play. So it's been -- it was announced and then it was delayed pending a potential trade deal negotiation. There was the List 3 that was announced and implemented to go from 10% to 25%. It has been put in place and we have implemented our pricing actions on it.

对不起,也许你说的是4号列表而不是3号? 有一个List 4,它包含很多项目,包括iPhone和类似的东西,尚未发挥作用。 所以它已经宣布,然后它被推迟,等待潜在的贸易协议谈判。 列表3已宣布并实施,从10%增加到25%。 它已经落实到位,我们已经实施了定价行动。

Linda Bolton Weiser

Okay. And then just on the $0.20 difference between your beat and your guidance raise for those three things, is there any way to break down the $0.20 by FX the UK taxing and the investment increase?

好的。 然后,就你的节拍和你的三个方面的指导加薪之间的0.20美元的差异,是否有任何方法可以通过外汇英国税收和投资增加来分解0.20美元?

Brian Grass

They actually work out to be kind of equal, roughly equal amongst all three. So if you want to work with that you can.

他们实际上的努力是平等的,在这三者中大致相等。 所以,如果你想与之合作,你可以。

Linda Bolton Weiser

Okay, thank you very much. I appreciate

好的,非常感谢。 我很感激

Julien Mininberg

Yes, thanks. And Linda, one thing I want to say before we move to the next question, and a lot of you have asked about Housewares sustainability because of the big beat and the total guidance for the year. I wanted to emphasize a point that I know we hit in the prepared remarks, but not in the response to your question, which is, this concept of just one more is a very powerful one on Hydro Flask, and so is the idea of beyond the bottle.
And so we're ramping up our ability in the categories we're already strong, like the beverage bottles to bring it -- it's probably not just one more but just several more into many people's households. And for those of you who have teenagers or something like that in your house or their friends, I don't know how many times you've heard something along the lines of yes but the new one, meaning the new size or the new color, or I've seen my friend has this cool thing and I'm interested in it too.
I can tell you it's very true on the college campuses and there's people now that are going to inflated bottles, Hydro Flask is winning. And then you're even seeing some of those kids with multiple Hydro Flask. You’ll think of a gym one and versus the one you take to the classes, different sizes and caps and things like that.
And on the subject of beyond the bottle, the soft lines, we talked about them in the call. But I really want to emphasize that any new distribution there is just incremental distribution. And because we’ve started off small there, it's not our heritage, our heritage was in the bottles. That's all incremental growth for us. And that we are innovating and those hydration packs that we just called out today for like mountain biking and hiking and also the women's version. These are innovative, and we'll see how it all sells through. But we like our prospects on the subject of beyond the bottom.

对了谢谢。还有Linda,在我们讨论下一个问题之前,我想说一件事,而且很多人因为年度大节拍和总体指导而询问家庭用品的可持续性。我想强调一点,我知道我们在准备好的评论中,但不是在回答你的问题时,也就是说,这个概念在Hydro Flask上只是一个非常强大的概念,所以超越的想法也是如此瓶子。

因此,我们正在提升我们已经强大的类别的能力,比如带来的饮料瓶 - 它可能不仅仅是一个,而是在许多人的家庭中。对于那些在你家里或他们的朋友中有青少年或类似东西的人,我不知道有多少次你听到过的是肯定的,但新的那些,意味着新的尺寸或新的颜色,或者我看到我的朋友有这个很酷的东西,我也对它很感兴趣。

我可以告诉你,在大学校园里这是非常正确的,而且现在有人会给瓶子充气,Hydro Flask正在赢得胜利。然后你甚至会看到一些孩子有多个Hydro Flask。你会想到健身房和健身房,不同尺寸和帽子以及类似的东西。

关于瓶子以外的主题,柔和的线条,我们在电话中谈到了它们。但我真的想强调的是,任何新的发行版都只是增量发行。而且因为我们从小开始,这不是我们的遗产,我们的遗产在瓶子里。这对我们来说都是增量增长。而且我们正在创新和那些我们今天刚刚提到的用于山地自行车和徒步旅行以及女性版本的保湿包。这些都是创新的,我们将看到它是如何销售的。但我们喜欢我们关于超越底层主题的前景。

Linda Bolton Weiser

Thank you.

谢谢。

Julien Mininberg

You bet.

你打赌。

会议主持员

At this time, I'd like to pass it back to management for any additional or closing comments.

目前,我想将其传回管理层,以获取任何其他或结束意见。

Julien Mininberg

Yes, thank you, operator. And thank you to everyone for being with us on the call today. We very much appreciate your support. And we know we'll be talking with many of you in the coming weeks. So thanks for attending. And have a great evening.

是的,谢谢你,运营商。 感谢大家今天在电话会议上与我们在一起。 非常感谢您的支持。 而且我们知道在接下来的几周内我们会和你们许多人谈谈。 所以感谢参加。 祝大家度过愉快的夜晚。

会议主持员

That does include today's conference. We thank you for your participation.

这确实包括今天的会议。 我们感谢您的参与。

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