Shares of Hain Celestial Group Inc (NASDAQ: HAIN) plummeted by 5.29% on November 8, 2024, following the release of the company's disappointing first-quarter financial results for fiscal year 2025.
The leading organic and natural products company reported a 5% year-over-year decline in organic net sales for the quarter ended September 30, 2024. The sales decline was observed across both the North American and international markets, with the North America segment experiencing a 6% drop in organic net sales, primarily due to lower sales in snacks and meal prep categories.
Hain Celestial's profitability also took a hit, with adjusted EBITDA decreasing to $22 million from $24 million a year ago, and an adjusted net loss of $4 million or $0.04 per diluted share. The company cited challenges in maintaining profitability amidst the sales decline and ongoing issues in the personal care category, which saw a double-digit decrease in organic net sales due to SKU reductions and manufacturing consolidation.
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