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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) of THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported)  April 26, 2023

 

HELEN OF TROY LIMITED

(Exact name of registrant as specified in its charter)

Commission File Number:  001-14669

Bermuda						74-2692550
(State or other jurisdiction						(IRS Employer
of incorporation)						Identification No.)

Clarendon House

2 Church Street

Hamilton, Bermuda

(Address of principal executive offices)

 

One Helen Of Troy Plaza

El Paso, Texas 79912

(Registrant's United States mailing address)

915-225-8000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, $0.10 par value per share

HELE

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

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Item 2.02    Results of Operations and Financial Condition.

On April 26, 2023, Helen of Troy Limited (the “Company”, “our”, “we” or “us”) issued a press release announcing the results for its fiscal quarter and year ended February 28, 2023.  With this Form 8-K, we are furnishing a copy of the press release (attached hereto as Exhibit 99.1).  The press release is also provided on the Investor Relations Page of our website at: http://www.helenoftroy.com.  The information contained on this website is not included as a part of, or incorporated by reference into, this report.

Certain written and oral statements made by the Company and subsidiaries of the Company may constitute “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. This includes statements made in this Form 8-K and the exhibits attached hereto, in other filings with the SEC, and in certain other oral and written presentations. Generally, the words “anticipates”, “believes”, “expects”, “plans”, “may”, “will”, “might”, “would”, “should”, “seeks”, “estimates”, “project”, “predict”, “potential”, “currently”, “continue”, “intends”, “outlook”, “forecasts”, “targets”, “could”, and other similar words identify forward-looking statements. All statements that address operating results, events or developments that the Company expects or anticipates may occur in the future, including statements related to sales, expenses, earnings per share results, and statements expressing general expectations about future operating results, are forward-looking statements and are based upon its current expectations and various assumptions. The Company believes there is a reasonable basis for these expectations and assumptions, but there can be no assurance that the Company will realize these expectations or that these assumptions will prove correct. Forward-looking statements are only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Accordingly, the Company cautions readers not to place undue reliance on forward-looking statements. The forward-looking statements contained in this Form 8-K and the exhibits attached hereto should be read in conjunction with, and are subject to and qualified by, the risks described in the Company’s Form 10-K for the year ended February 28, 2023, and in the Company’s other filings with the SEC. Investors are urged to refer to the risk factors referred to above for a description of these risks. Such risks include, among others, the occurrence of cyber incidents or failure by the Company or its third-party service providers to maintain cybersecurity and the integrity of confidential internal or customer data, a cybersecurity breach, obsolescence or interruptions in the operation of the Company’s central global Enterprise Resource Planning systems and other peripheral information systems, the geographic concentration of certain United States (“U.S.”) distribution facilities which increase its risk to disruptions that could affect the Company’s ability to deliver products in a timely manner, the Company’s ability to develop and introduce a continuing stream of innovative new products to meet changing consumer preferences, actions taken by large customers that may adversely affect the Company’s gross profit and operating results, the Company’s dependence on sales to several large customers and the risks associated with any loss of, or substantial decline in, sales to top customers, the Company’s dependence on third-party manufacturers, most of which are located in Asia, and any inability to obtain products from such manufacturers, the Company’s ability to deliver products to its customers in a timely manner and according to their fulfillment standards, the risks associated with trade barriers, exchange controls, expropriations, and other risks associated with domestic and foreign operations including uncertainty and business interruptions resulting from political changes and actions in the U.S. and abroad, such as the current conflict between Russia and Ukraine, and volatility in the global credit and financial markets and economy, the Company’s dependence on the strength of retail economies and vulnerabilities to any prolonged economic downturn, including a downturn from the effects of macroeconomic conditions, any public health crises or similar conditions, risks associated with the use of licensed trademarks from or to third parties, risks associated with weather conditions, the duration and severity of the cold and flu season and other related factors, the Company’s reliance on its Chief Executive Officer and a limited number of other key senior officers to operate its business, the Company's ability to execute and realize expected synergies from strategic business initiatives such as acquisitions, divestitures and global restructuring plans, including Project Pegasus, the risks of potential changes in laws and regulations, including environmental, employment and health and safety and tax laws, and the costs and complexities of compliance with such laws, the risks associated with increased focus and expectations on climate

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change and other environmental, social and governance matters, the risks associated with significant changes in or the Company’s compliance with regulations, interpretations or product certification requirements, the risks associated with global legal developments regarding privacy and data security that could result in changes to its business practices, penalties, increased cost of operations, or otherwise harm the business, the Company’s dependence on whether it is classified as a “controlled foreign corporation” for U.S. federal income tax purposes which impacts the tax treatment of its non-U.S. income, the risks associated with legislation enacted in Bermuda and Barbados in response to the European Union’s review of harmful tax competition, the risks associated with accounting for tax positions and the resolution of tax disputes, the risks of significant tariffs or other restrictions being placed on imports from China, Mexico or Vietnam or any retaliatory trade measures taken by China, Mexico or Vietnam, the risks associated with product recalls, product liability and other claims against the Company, and associated financial risks including but not limited to, significant impairment of the Company’s goodwill, indefinite-lived and definite-lived intangible assets or other long-lived assets, increased costs of raw materials, energy and transportation, the risks to the Company’s liquidity or cost of capital which may be materially adversely affected by constraints or changes in the capital and credit markets, interest rates and limitations under its financing arrangements, risks associated with foreign currency exchange rate fluctuations, and projections of product demand, sales and net income, which are highly subjective in nature, and from which future sales and net income could vary in a material amount. The Company undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.

The press release includes or refers to certain information that the Company believes is non-GAAP Financial Information as contemplated by SEC Regulation G, Rule 100. The press release contains tables that reconcile these measures to their corresponding GAAP based measures presented in the Company’s Consolidated Statements of Income and Cash Flows. The material limitation associated with the use of the non-GAAP financial measures is that the non-GAAP measures do not reflect the full economic impact of the Company’s activities. These non-GAAP measures are not prepared in accordance with GAAP, are not an alternative to GAAP financial information, and may be calculated differently than non-GAAP financial information disclosed by other companies. Accordingly, undue reliance should not be placed on non-GAAP information.

The information in this Item 2.02 of this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or any proxy statement or report or other document we may file with the SEC, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.

(d)        Exhibits

Exhibit Number						Description
99.1						Press Release dated April 26, 2023
99.2						Text of conference call held on April 27, 2023
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			HELEN OF TROY LIMITED
Date: May 1, 2023			/s/ Brian L. Grass
			Brian L. Grass
			Interim Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer

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Exhibit 99.1

Helen of Troy Limited Reports Fourth Quarter Fiscal 2023 Results

Consolidated Net Sales Decline of 16.7%; Core Net Sales Decline of 16.2%

GAAP Diluted EPS of $1.50; Adjusted Diluted EPS of $2.01

GAAP Operating Margin Expansion of 240 Basis Points

Adjusted EBITDA Margin Expansion of 170 Basis Points

Cash Flow from Operations of $158.7 Million, Growth of 8.8%; Free Cash Flow of $130.0 Million(7)(17)

Initiates Fiscal 2024 Outlook:

Consolidated Net Sales of $1.965-$2.015 Billion

GAAP Diluted EPS of $3.98-$4.84; Adjusted Diluted EPS of $8.50-$9.00

Adjusted EBITDA Growth of 3.2%-6.3%; Free Cash Flow of $250-$270 Million

Further Net Leverage Ratio Reduction to Between 2.0X and 1.85X by the End of Fiscal 2024(7)(18)

Project Pegasus on Track to Deliver $20M Fiscal 2024 Savings Target

El Paso, Texas, April 26, 2023 — Helen of Troy Limited (NASDAQ: HELE), designer, developer, and worldwide marketer of branded consumer home, outdoor, beauty, and wellness products, today reported results for the three-month period ended February 28, 2023 and provided its outlook for Fiscal 2024.

During the fourth quarter of fiscal 2023, the Company made changes to the structure of the organization as part of its global restructuring plan, Project Pegasus. As a result of these changes, the disclosures included herein reflect two reportable segments, Home & Outdoor and Beauty & Wellness. The previous Health & Wellness and Beauty operating segments are being combined into a single reportable segment, which is referred to herein as “Beauty & Wellness.” The Company believes that these changes better align internal resources and external go to market activities to create a more efficient and effective organizational structure. There were no changes to the products or brands included within the Home & Outdoor reportable segment as part of these organizational changes. Comparative prior period segment information has been recast to conform to this change in reportable segments and is included in the accompanying tables beginning on page 31 and titled “Supplemental Recast Segment Financial Information”.

Executive Summary – Fourth Quarter of Fiscal 2023 Compared to Fiscal 2022, Fiscal 2021 and Fiscal 2020 Pre-COVID Base

•Consolidated net sales revenue of $484.6 million, a decrease of 16.7% from fiscal 2022, a decrease of 4.9% from fiscal 2021, and an increase of 9.5% from fiscal 2020

•Core business net sales decrease of 16.2% from fiscal 2022, a decrease of 1.8% from fiscal 2021, and an increase of 14.9% from fiscal 2020

•Operating margin of 11.1%, compared to 8.7% for the same period last year

•Adjusted operating margin of 13.8%, compared to 12.5% for the same period last year

•GAAP diluted EPS of $1.50, compared to $1.64 for the same period last year, $0.90 for fiscal 2021, and $(0.13) for fiscal 2020

•Non-GAAP Core adjusted diluted EPS of $2.01, a decrease of 19.9% from fiscal 2022, an increase of 41.5% from fiscal 2021, and an increase of 16.2% from fiscal 2020

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•Non-GAAP adjusted diluted EPS of $2.01, a decrease of 19.9% from fiscal 2022, an increase of 28.0% from fiscal 2021, and an increase of 6.9% from fiscal 2020

•Net cash provided by operating activities of $158.7 million, an 8.8% increase compared to $145.9 million for the same period last year

•Adjusted EBITDA margin of 15.2%, compared to 13.5% for the same period last year

Executive Summary - Fiscal 2023 Compared to Fiscal 2022, Fiscal 2021 and Fiscal 2020 Pre-COVID Base

•Consolidated net sales revenue of $2.07 billion, a decrease of 6.8% from fiscal 2022, a decrease of 1.2% from fiscal 2021, and an increase of 21.4% from fiscal 2020

•Core business net sales decline of 5.3% from fiscal 2022, an increase of 2.6% from fiscal 2021, and an increase of 28.3% from fiscal 2020

•GAAP diluted EPS of $5.95, compared to $9.17 for the same period last year, $10.08 for fiscal 2021, and $6.02 for fiscal 2020

•Non-GAAP Core adjusted diluted EPS of $9.45, a decrease of 22.4% from fiscal 2022, a decrease of 14.3% from fiscal 2021, and an increase of 8.4% from fiscal 2020

•Non-GAAP adjusted diluted EPS of $9.45, a decrease of 23.5% from fiscal 2022, a decrease of 18.9% from fiscal 2021, and an increase of 1.6% from fiscal 2020

•Net cash provided by operating activities of $208.2 million, a 47.9% increase compared to $140.8 million for the same period last year

•Adjusted EBITDA margin of 15.8% compared to 17.0% for the same period last year

Julien R. Mininberg, Chief Executive Officer, stated: “I am pleased to report that our fourth quarter financial performance, including our sales and adjusted EPS, was better than expected in what has been one of the most unpredictable and challenging years in memory. We expanded our adjusted operating margin and generated strong free cash flow. We used that cash flow and faster-than-expected progress on the inventory reduction initiative to accelerate our debt pay down in the quarter. Our ending inventory is now below fiscal year 2021 despite recent retailer inventory corrections and our Osprey and Curlsmith acquisitions. Operationally, we also made significant progress. We began shipping from our new state-of-the-art Tennessee distribution facility, which has already been instrumental in consolidating several ancillary facilities and is a key part of our multi-year plan to optimize our distribution footprint and efficiency. With Fiscal 2023 marking the fourth year of Phase II, our Core net sales grew at a 9.1% CAGR, well ahead of the target set at the Phase II starting point in fiscal year 2019, and Core adjusted EPS grew at a 6.8% CAGR despite the many challenges to profitability in our industry and the macro environment.”

Mr. Mininberg continued: “Looking at fiscal year 2024, the outlook we are providing today reflects our expectation that we will deliver operational earnings growth, strong free cash flow, expand gross and adjusted operating margins, and deliver adjusted EPS growth in the back half of the fiscal year. Our sales outlook reflects our expectation that the economy, consumers, and several of our categories will continue to experience macro financial pressure. We expect operating margin expansion from lower cost of goods sold and savings from capturing lower freight costs. We also expect Fiscal 2024 gross margins to expand, driven primarily by the early benefits of SKU rationalization under Pegasus, and a more favorable sales mix from growing Hydro Flask, Vicks inhalants, and prestige beauty brands. We are

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pleased with the progress of the Pegasus workstreams and we remain on track to achieve our savings targets.”

Mr. Mininberg concluded: “As detailed in our separate announcement today regarding CEO succession, after what will be 10 years as Helen of Troy’s CEO and 34 years in the consumer products industry, I intend to retire upon the conclusion of my employment agreement on February 29, 2024. The board has unanimously appointed our COO, Noel Geoffroy, to become CEO effective March 1, 2024. Noel brings outstanding experience, fresh eyes and a winning attitude that have already fueled significant contributions. I believe the Company will be in excellent hands under her leadership and I look forward to working with her to deliver fiscal 2024 and a smooth transition.”

			Three Months Ended Last Day of February,
(in thousands) (unaudited)			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	210,847																	$	371,173					$	582,020
Organic business (1)			(8,383)																		(106,705)						(115,088)
Impact of foreign currency			(1,363)																		(797)						(2,160)
Acquisition (2) (3)			10,825																		8,986						19,811
Change in sales revenue, net			1,079																		(98,516)						(97,437)
Fiscal 2023 sales revenue, net			$	211,926																	$	272,657					$	484,583
Total net sales revenue growth (decline)			0.5		%																(26.5)		%				(16.7)		%
Organic business			(4.0)		%																(28.7)		%				(19.8)		%
Impact of foreign currency			(0.6)		%																(0.2)		%				(0.4)		%
Acquisition			5.1		%																2.4		%				3.4		%
Operating margin (GAAP)
Fiscal 2023			14.8		%																8.2		%				11.1		%
Fiscal 2022			10.7		%																7.5		%				8.7		%
Adjusted operating margin (non-GAAP) (7)
Fiscal 2023			17.1		%																11.2		%				13.8		%
Fiscal 2022			13.1		%																12.1		%				12.5		%

			Three Months Ended Last Day of February,																								% Change
(in thousands, except per share data) (unaudited)			2023						2022						2021						2020						FY23/ FY22						FY23/FY21						FY23/FY20
Consolidated net sales revenue			$	484,583					$	582,020					$	509,375					$	442,365					(16.7)		%				(4.9)		%				9.5		%
Core business net sales revenue (4)			484,583						578,141						493,458						421,640						(16.2)		%				(1.8)		%				14.9		%
Leadership Brand net sales revenue (5)			414,885						480,391						417,931						347,713						(13.6)		%				(0.7)		%				19.3		%
Online channel net sales revenue (6)			111,346						162,107						140,016						107,329						(31.3)		%				(20.5)		%				3.7		%
Operating income (loss)			53,713						50,384						24,525						(2,745)						6.6		%				*						*
Adjusted EBITDA (non-GAAP) (7)			73,421						78,650						48,578						58,378						(6.6)		%				51.1		%				25.8		%
Net cash provided by operating activities			158,719						145,877						64,360						169,875						8.8		%				*						(6.6)		%
Consolidated Diluted EPS			$	1.50					$	1.64					$	0.90					$	(0.13)					(8.5)		%				66.7		%				*
Consolidated Adjusted Diluted EPS (non-GAAP) (7)			2.01						2.51						1.57						1.88						(19.9)		%				28.0		%				6.9		%
Core Adjusted Diluted EPS (non-GAAP) (4) (7)			2.01						2.51						1.42						1.73						(19.9)		%				41.5		%				16.2		%

*    Calculation is not meaningful.

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			Year Ended Last Day of February,																								% Change
(in thousands, except per share data) (unaudited)			2023						2022						2021						2020						FY23/FY22						FY23/FY21						FY23/FY20
Consolidated net sales revenue			$	2,072,667					$	2,223,355					$	2,098,799					$	1,707,432					(6.8)		%				(1.2)		%				21.4		%
Core business net sales revenue (4)			2,072,667						2,189,239						2,020,453						1,615,094						(5.3)		%				2.6		%				28.3		%
Leadership Brand net sales revenue (5)			1,753,734						1,810,249						1,706,545						1,360,059						(3.1)		%				2.8		%				28.9		%
Online channel net sales revenue (6)			484,108						531,114						538,191						407,230						(8.9)		%				(10.0)		%				18.9		%
Operating income			211,791						272,550						281,488						178,251						(22.3)		%				(24.8)%						18.8		%
Adjusted EBITDA (non-GAAP) (7)			327,519						378,415						354,985						285,842						(13.4)		%				(7.7)		%				14.6		%
Net cash provided by operating activities			208,242						140,823						314,106						271,293						47.9		%				(33.7)%						(23.2)		%
Consolidated Diluted EPS			$	5.95					$	9.17					$	10.08					$	6.02					(35.1)		%				(41.0)		%				(1.2)		%
Consolidated Adjusted Diluted EPS (non-GAAP) (7)			9.45						12.36						11.65						9.30						(23.5)		%				(18.9)		%				1.6		%
Core Adjusted Diluted EPS (non-GAAP) (4) (7)			9.45						12.18						11.03						8.72						(22.4)		%				(14.3)		%				8.4		%

During the fourth quarter of fiscal 2020, the Company committed to a plan to divest certain assets within its Beauty & Wellness segment's mass channel personal care business (“Personal Care”). On June 7, 2021, the Company completed the sale of its North America Personal Care business and on March 25, 2022, the Company completed the sale of the Latin America and Caribbean Personal Care business. The Company defines Core business as strategic business that it expects to be an ongoing part of its operations, and Non-Core business as business or net assets (including net assets held for sale) that it expects to divest within a year of its designation as Non-Core. Accordingly, sales from the Personal Care business were included in Non-Core business for all historical periods presented. As a result of these dispositions, the Company no longer has any results of operations from Non-Core business or any assets or liabilities classified as held for sale.

						Three Months Ended Last Day of February,
(in thousands) (unaudited)						Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net						$	210,847																	$	371,173					$	582,020
Core business (4)						1,079																		(94,637)						(93,558)
Non-Core business (Personal Care) (4)						—																		(3,879)						(3,879)
Change in sales revenue, net						1,079																		(98,516)						(97,437)
Fiscal 2023 sales revenue, net						$	211,926																	$	272,657					$	484,583
Total net sales revenue growth (decline)						0.5		%																(26.5)		%				(16.7)		%
Core business						0.5		%																(25.5)		%				(16.1)		%
Non-Core business (Personal Care)						—		%																(1.0)		%				(0.7)		%

Consolidated Results - Fourth Quarter Fiscal 2023 Compared to Fourth Quarter Fiscal 2022

•Consolidated net sales revenue decreased $97.4 million, or 16.7% to $484.6 million compared to $582.0 million. The decline was driven by a decrease from Organic business of $115.1 million, or 19.8%. The Organic business decrease was primarily due to lower consumer demand, shifts in consumer spending patterns, reduced orders from retail customers due to higher trade inventory levels, the unfavorable comparative impact of approximately $20 million of accelerated retailer orders in the fourth quarter of fiscal 2022, and a decline of $3.9 million in Non-Core business due to the sale of the Personal Care business. These factors were partially offset by an increase in sales of prestige liquid hair care products, an increase in organic net sales revenue from Osprey, and the impact of customer price increases related to rising freight and product costs. The Organic business decline was partially offset by the inorganic contribution from the acquisitions of Osprey Packs, Inc. (“Osprey”) of $10.8 million and Recipe Products Ltd. (“Curlsmith”) of $9.0 million, or 3.4% to consolidated net sales revenue.

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•Consolidated gross profit margin increased 0.7 percentage points to 43.3%, compared to 42.6%. The increase was primarily due to a favorable mix of more Home & Outdoor sales within consolidated net sales revenue, the favorable impact of the acquisition of Curlsmith, and the favorable comparative impact of EPA compliance costs of $4.0 million recognized during the prior year period. These factors were partially offset by a less favorable product mix, a less favorable channel mix within the Home & Outdoor segment, a less favorable product mix within the wellness categories of the Beauty & Wellness segment and higher inventory obsolescence expense.

•Consolidated selling, general and administrative expense (“SG&A”) ratio decreased 4.2 percentage points to 29.8%, compared to 34.0%. The decrease was primarily due to lower annual incentive compensation expense, reduced share-based compensation expense, a decrease in EPA compliance costs of $5.9 million, lower outbound freight costs, the favorable leverage impact of customer price increases related to inflationary costs, and a decrease in marketing expense. These factors were partially offset by the unfavorable leverage impact of the decrease in net sales.

•Consolidated operating income was $53.7 million, or 11.1% of net sales revenue, compared to $50.4 million, or 8.7% of net sales revenue. The increase in consolidated operating margin was primarily due to a decrease in annual incentive compensation expense, reduced share-based compensation expense, a decrease in EPA compliance costs of $9.9 million, lower outbound freight costs, the favorable leverage impact of customer price increases related to inflationary costs, a decrease in marketing expense, a favorable mix of more Home & Outdoor sales within consolidated net sales revenue, and the favorable impact of the acquisition of Curlsmith. These factors were partially offset by the unfavorable leverage impact of the decrease in net sales, restructuring charges of $12.1 million, a less favorable product and channel mix within the Home & Outdoor segment, a less favorable product mix within the wellness categories of the Beauty & Wellness segment and higher inventory obsolescence expense.

•Interest expense was $14.1 million, compared to $3.3 million. The increase in interest expense was primarily due to higher average levels of debt outstanding, including borrowings to fund the acquisition of Curlsmith and construction of a new distribution facility in Tennessee, and higher average interest rates compared to the prior year.

•Income tax expense as a percentage of income before tax was 8.9%, compared to 15.6%, primarily due to shifts in the mix of income in various tax jurisdictions and changes in estimated income used to calculate the estimated annual effective tax rate.

•Net Income was $36.2 million, compared to $39.8 million. Diluted EPS was $1.50 compared to $1.64. The decrease in diluted EPS was primarily due to higher interest expense, which was partially offset by higher operating income, a decrease in the effective income tax rate and lower weighted average diluted shares outstanding.

•Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) decreased 6.6% to $73.4 million compared to $78.7 million. Adjusted EBITDA margin improved to 15.2% compared to 13.5% in the same period last year.

On an adjusted basis for the fourth quarters of fiscal 2023 and 2022, excluding acquisition-related expenses, EPA compliance costs, restructuring charges, amortization of intangible assets, and non-cash share-based compensation, as applicable:

•Adjusted operating income decreased $6.0 million, or 8.2%, to $66.7 million, or 13.8% of net sales revenue, compared to $72.6 million, or 12.5% of net sales revenue. The 1.3 percentage point increase in adjusted operating margin was primarily driven by a decrease in annual incentive

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compensation expense, lower outbound freight costs, the favorable leverage impact of customer price increases related to inflationary costs, a decrease in marketing expense, a favorable mix of more Home & Outdoor sales within consolidated net sales revenue, and the favorable impact of the acquisition of Curlsmith. These factors were partially offset by the unfavorable operating leverage impact of the decrease in net sales, a less favorable product and channel mix within the Home & Outdoor segment, a less favorable product mix within the wellness categories of the Beauty & Wellness segment, and increased inventory obsolescence expense.

•Adjusted income decreased $12.3 million, or 20.2%, to $48.5 million, compared to $60.8 million. Adjusted diluted EPS decreased 19.9% to $2.01, compared to $2.51. The decrease in adjusted diluted EPS was primarily due to lower adjusted operating income and higher interest expense. These factors were partially offset by a decrease in the effective income tax rate and lower weighted average diluted shares outstanding.

Segment Results - Fourth Quarter Fiscal 2023 Compared to Fourth Quarter Fiscal 2022

Home & Outdoor net sales revenue increased $1.1 million, or 0.5%, to $211.9 million, compared to $210.8 million, primarily due to the contribution from the acquisition of Osprey of $10.8 million, or 5.1% to segment net sales revenue growth. This growth was partially offset by a decrease from Organic business of $8.4 million, or 4.0%. The Organic business decrease was primarily driven by lower consumer demand, shifts in consumer spending patterns, reduced orders from retail customers due to higher trade inventory levels, and the unfavorable comparative impact of accelerated retailer orders in the fourth quarter of fiscal 2022. These factors were partially offset by an increase in organic net sales revenue from Osprey, the impact of customer price increases related to rising freight and product costs, and higher sales in the closeout channel.

Home & Outdoor operating income increased 38.5% to $31.3 million, or 14.8% of segment net sales revenue, compared to $22.6 million, or 10.7% of segment net sales revenue. The 4.1 percentage point increase was primarily due to lower inventory obsolescence expense, lower share-based compensation expense, the favorable comparative impact of acquisition-related expense incurred in the prior year, and the net impact of inflationary costs and related customer price increases. These factors were partially offset by the impact of the acquisition of Osprey, which has a lower operating margin than the rest of the Home & Outdoor segment, unfavorable organic operating leverage, restructuring charges of $3.1 million, a less favorable channel mix, and an increase in marketing expense. Adjusted operating income increased 31.3% to $36.2 million, or 17.1% of segment net sales revenue, compared to $27.5 million, or 13.1% of segment net sales revenue.

Beauty & Wellness net sales revenue decreased $98.5 million, or 26.5%, to $272.7 million, compared to $371.2 million. The decline was driven by a decrease from Organic business of $106.7 million, or 28.7%, primarily due to lower sales of hair appliance, thermometry, air filtration, humidification, and seasonal products, primarily driven by lower consumer demand, shifts in consumer spending patterns, reduced orders from retail customers due to higher trade inventory levels, and a decline from Non-Core business of $3.9 million due to the sale of the Personal Care business. These factors were partially offset by an increase in prestige market personal and hair care category sales and the impact of customer price increases related to rising freight and product costs.

Beauty & Wellness operating income was $22.4 million, or 8.2% of segment net sales revenue, compared to $27.8 million, or 7.5% of segment net sales revenue. The 0.7 percentage point increase in segment operating margin was primarily due to a decrease in EPA compliance costs of $9.9 million, decreased annual incentive compensation expense, a decrease in share-based compensation, the favorable impact of the acquisition of Curlsmith, lower marketing expense, and reduced outbound freight costs. These factors were partially offset by unfavorable operating leverage, a less favorable product mix within the wellness categories, restructuring charges of $9.0 million, and higher inventory obsolescence expense.

6

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Adjusted operating income decreased to $30.5 million, or 11.2% of segment net sales revenue, compared to $45.1 million, or 12.1% of segment net sales revenue.

Balance Sheet and Cash Flow Highlights - Fiscal 2023 Compared to Fiscal 2022

•Cash and cash equivalents totaled $29.1 million, compared to $33.4 million.

•Accounts receivable turnover for fiscal 2023 was 69.4 days, compared to 66.0 days.

•Inventory was $455.5 million, compared to $558.0 million. Inventory turnover was 2.1 times, compared to 2.3 times.

•Total short- and long-term debt was $934.4 million, compared to $813.2 million, primarily due to the acquisition of Curlsmith and investments in construction of the new distribution facility.

•Net cash provided by operating activities for fiscal 2023 was $208.2 million, compared to $140.8 million.

•Free cash flow for fiscal 2023 was $33.4 million(7)(17), which includes $147 million of capital expenditures for the new distribution facility.

Restructuring Plan

The Company previously announced a global restructuring plan intended to expand operating margins through initiatives designed to improve efficiency and reduce costs (collectively referred to as “Project Pegasus”). Project Pegasus includes multiple workstreams to further optimize the Company's brand portfolio, streamline and simplify the organization, accelerate cost of goods savings projects, enhance the efficiency of its supply chain network, optimize its indirect spending, and improve its cash flow and working capital, as well as other activities. The Company anticipates these initiatives will create operating efficiencies, as well as provide a platform to fund future growth investments.

As part of the Pegasus workstream focused on streamlining and simplifying the organization, in January 2023, the Company announced three major changes to the structure of its organization. The first change results in combining the Beauty and Health & Wellness businesses into a single reportable segment that will be referred to and reported as “Beauty & Wellness.” The second is the creation of a North America Regional Market Organization (RMO) responsible for sales and go to market strategies for all categories and channels in the United States and Canada. The third is further centralization of certain functions under shared services, especially in Operations and Finance to better support the business segments and RMOs. The new structure will reduce the size of the global workforce by approximately 10%. The majority of the role reductions were completed by March 1st, 2023. Nearly all of the remaining role reductions are expected to be completed before the end of fiscal year 2024. The Company believes that these changes better focus business segment resources on brand development, consumer-centric innovation and marketing, the RMOs on sales and go to market strategies, and shared services on their respective areas of expertise while also creating a more efficient and effective organizational structure.

Consistent with the third quarter of fiscal 2023, the Company continues to have the following expectations regarding Project Pegasus:

•Targeted annualized pre-tax operating profit improvements of approximately $75 million to $85 million, which the Company expects to substantially begin in fiscal 2024 and be substantially achieved by the end of fiscal 2026.

•Estimated cadence of the recognition of the savings will be approximately 25% in fiscal 2024, approximately 50% in fiscal 2025 and approximately 25% in fiscal 2026.

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•Total profit improvements to be realized approximately 60% through reduced cost of goods sold and 40% through lower SG&A.

•Total one-time pre-tax restructuring charges of approximately $85 million to $95 million, over the duration of the plan, which are expected to be substantially completed by the end of fiscal 2024 and will primarily be comprised of severance and employee related costs, professional fees, contract termination costs, and other exit and disposal costs.

•All of the Company's operating segments and shared services will be impacted by the plan.

Fiscal 2024 Annual Outlook

The Company expects consolidated net sales revenue in the range of $1.965 billion to $2.015 billion, which implies a decline of 5.2% to 2.8%. This includes a year-over-year decline of $35 million, or 1.7%, from the removal of Bed, Bath & Beyond revenue from our outlook, and a similar sized reduction from our Pegasus SKU rationalization initiative. The Company's sales outlook reflects what it believes will be a continued slower economy and uncertainty in spending patterns, especially for discretionary categories. It also reflects the Company's belief that consumers seek to prioritize value in the current environment of inflation and higher interest rates. The Company has seen some reduction of trade inventory on a sequential basis as many key retailers have lowered their inventory on hand and expects that sell-in will more closely match sell-through in fiscal 2024.

The Company’s fiscal year net sales outlook reflects the following expectations by segment:

•Home & Outdoor net sales decline of 1.7% to growth of 1.0%; and

•Beauty & Wellness net sales decline of 8.0% to 5.8%.

The Company expects consolidated GAAP diluted EPS of $3.98 to $4.84 and non-GAAP adjusted diluted EPS in the range of $8.50 to $9.00, which implies an adjusted diluted EPS decline of 10.1% to 4.8%. This reflects additional year-over-year expense from the restoration of annual incentive compensation expense to target levels, as well as higher interest and depreciation expense, totaling approximately $1.79, net of tax.

The Company expects consolidated adjusted EBITDA of $338 million to $348 million, which implies growth of 3.2% to 6.3%. Free cash flow is expected to be $250 million to $270 million. The Company's net leverage ratio, as defined in our Credit Agreement, is expected to end fiscal 2024 at 2.0x to 1.85x(7)(18).

In terms of the quarterly cadence of sales and adjusted diluted EPS, the Company expects the majority of its net sales growth to be concentrated in the third quarter of fiscal 2024 and adjusted diluted EPS growth to be concentrated in the third and fourth quarters of fiscal 2024. The Company expects declines in net sales of approximately 9%-7% and 7%-5% in the first and second quarters of fiscal 2024, respectively. The Company also expects to realize the benefits of debt deleveraging and lower inbound freight and product costs more fully in the second half of the year. Accordingly, the Company expects a decline in adjusted diluted EPS of approximately 20% to 30% in the first half of fiscal 2024, with near offsetting growth in the second half of the year.

The Company’s consolidated net sales and EPS outlook also reflects the following assumptions:

•the severity of the cough/cold/flu season will be in line with pre-COVID historical averages;

•April 2023 foreign currency exchange rates will remain constant for the remainder of the fiscal year;

•expected interest expense in the range of $55 million to $57 million based on the current assumption the Federal Open Market Committee will increase interest rates by 100 basis points during calendar year 2023;

•a reported GAAP effective tax rate range of 19.0% to 21.0% for the full fiscal year 2024 and an adjusted effective tax rate range of 13.1% to 13.2%; and

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•an estimated weighted average diluted shares outstanding of 24.3 million.

The likelihood, timing and potential impact of a significant or prolonged recession, any fiscal 2024 acquisitions and divestitures, future asset impairment charges, future foreign currency fluctuations, additional interest rate increases, or share repurchases are unknown and cannot be reasonably estimated; therefore, they are not included in the Company’s outlook.

Conference Call and Webcast

The Company will conduct a teleconference tomorrow to discuss today’s earnings release. The teleconference begins at 9:00 a.m. Eastern Time, Thursday, April 27, 2023. Institutional investors and analysts interested in participating in the call are invited to dial (877) 407-3982 approximately ten minutes prior to the start of the call. The conference call will also be webcast live on the Events & Presentations page at: http://investor.helenoftroy.com/. A telephone replay of this call will be available at 12:00 p.m. Eastern Time on April 27, 2023, until 11:59 p.m. Eastern Time on May 11, 2023 and can be accessed by dialing (844) 512-2921 and entering replay pin number 13737077. A replay of the webcast will remain available on the website for one year.

Non-GAAP Financial Measures

The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States of America (“GAAP”). To supplement its presentation, the Company discloses certain financial measures that may be considered non-GAAP such as Adjusted Operating Income, Adjusted Operating Margin, Adjusted Effective Tax Rate, Adjusted Income, Adjusted Diluted Earnings per Share (“EPS”), Core and Non-Core Adjusted Diluted EPS, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Net Leverage Ratio, which are presented in accompanying tables to this press release along with a reconciliation of these financial measures to their corresponding GAAP-based measures presented in the Company’s consolidated statements of income and cash flows. For additional information see Note 7 to the accompanying tables to this press release.

About Helen of Troy Limited

Helen of Troy Limited (NASDAQ: HELE) is a leading global consumer products company offering creative products and solutions for its customers through a diversified portfolio of well-recognized and widely-trusted brands, including OXO, Hydro Flask, Osprey, Vicks, Braun, Honeywell, PUR, Hot Tools and Drybar. The Company sometimes refers to these brands as its Leadership Brands. All trademarks herein belong to Helen of Troy Limited (or its subsidiaries) and/or are used under license from their respective licensors.

For more information about Helen of Troy, please visit http://investor.helenoftroy.com

Forward-Looking Statements

Certain written and oral statements made by the Company and subsidiaries of the Company may constitute “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. This includes statements made in this press release, in other filings with the SEC, and in certain other oral and written presentations. Generally, the words “anticipates”, “believes”, “expects”, “plans”, “may”, “will”, “might”, “would”, “should”, “seeks”, “estimates”, “project”, “predict”, “potential”, “currently”, “continue”, “intends”, “outlook”, “forecasts”, “targets”, “could”, and other similar words identify forward-looking statements. All statements that address operating results, events or developments that the Company expects or anticipates may occur in the future, including statements related to sales, expenses, EPS results, and statements expressing general expectations about future operating results, are forward-looking statements and are based upon its current expectations and various assumptions. The Company

9

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believes there is a reasonable basis for these expectations and assumptions, but there can be no assurance that the Company will realize these expectations or that these assumptions will prove correct. Forward-looking statements are only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Accordingly, the Company cautions readers not to place undue reliance on forward-looking statements. The forward-looking statements contained in this press release should be read in conjunction with, and are subject to and qualified by, the risks described in the Company’s Form 10-K for the year ended February 28, 2023, and in the Company’s other filings with the SEC. Investors are urged to refer to the risk factors referred to above for a description of these risks. Such risks include, among others, the occurrence of cyber incidents or failure by the Company or its third-party service providers to maintain cybersecurity and the integrity of confidential internal or customer data, a cybersecurity breach, obsolescence or interruptions in the operation of the Company’s central global Enterprise Resource Planning systems and other peripheral information systems, the geographic concentration of certain United States (“U.S.”) distribution facilities which increase its risk to disruptions that could affect the Company’s ability to deliver products in a timely manner, the Company’s ability to develop and introduce a continuing stream of innovative new products to meet changing consumer preferences, actions taken by large customers that may adversely affect the Company’s gross profit and operating results, the Company’s dependence on sales to several large customers and the risks associated with any loss of, or substantial decline in, sales to top customers, the Company’s dependence on third-party manufacturers, most of which are located in Asia, and any inability to obtain products from such manufacturers, the Company’s ability to deliver products to its customers in a timely manner and according to their fulfillment standards, the risks associated with trade barriers, exchange controls, expropriations, and other risks associated with domestic and foreign operations including uncertainty and business interruptions resulting from political changes and actions in the U.S. and abroad, such as the current conflict between Russia and Ukraine, and volatility in the global credit and financial markets and economy, the Company’s dependence on the strength of retail economies and vulnerabilities to any prolonged economic downturn, including a downturn from the effects of macroeconomic conditions, any public health crises or similar conditions, risks associated with the use of licensed trademarks from or to third parties, risks associated with weather conditions, the duration and severity of the cold and flu season and other related factors, the Company’s reliance on its Chief Executive Officer and a limited number of other key senior officers to operate its business, the Company's ability to execute and realize expected synergies from strategic business initiatives such as acquisitions, divestitures and global restructuring plans, including Project Pegasus, the risks of potential changes in laws and regulations, including environmental, employment and health and safety and tax laws, and the costs and complexities of compliance with such laws, the risks associated with increased focus and expectations on climate change and other environmental, social and governance matters, the risks associated with significant changes in or the Company’s compliance with regulations, interpretations or product certification requirements, the risks associated with global legal developments regarding privacy and data security that could result in changes to its business practices, penalties, increased cost of operations, or otherwise harm the business, the Company’s dependence on whether it is classified as a “controlled foreign corporation” for U.S. federal income tax purposes which impacts the tax treatment of its non-U.S. income, the risks associated with legislation enacted in Bermuda and Barbados in response to the European Union’s review of harmful tax competition, the risks associated with accounting for tax positions and the resolution of tax disputes, the risks of significant tariffs or other restrictions being placed on imports from China, Mexico or Vietnam or any retaliatory trade measures taken by China, Mexico or Vietnam, the risks associated with product recalls, product liability and other claims against the Company, and associated financial risks including but not limited to, significant impairment of the Company’s goodwill, indefinite-lived and definite-lived intangible assets or other long-lived assets, increased costs of raw materials, energy and transportation, the risks to the Company’s liquidity or cost of capital which may be materially adversely affected by constraints or changes in the capital and credit markets, interest rates and limitations under its financing arrangements, risks associated with foreign currency exchange rate fluctuations, and projections of product demand, sales and net income, which are highly subjective in nature, and from which future sales and net income could vary in a material amount. The Company

10

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undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.

Investor Contact:
Helen of Troy Limited
Anne Rakunas, Director, External Communications
(915) 225-4841
ICR, Inc.
Allison Malkin, Partner
(203) 682-8200

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HELEN OF TROY LIMITED AND SUBSIDIARIES

Consolidated Statements of Income (2) (3)

(Unaudited) (in thousands, except per share data)

			Three Months Ended Last Day of February,
			2023												2022
Sales revenue, net			$	484,583					100.0		%				$	582,020					100.0		%
Cost of goods sold			274,525						56.7		%				333,846						57.4		%
Gross profit			210,058						43.3		%				248,174						42.6		%
Selling, general and administrative expense (“SG&A”)			144,224						29.8		%				197,790						34.0		%
Restructuring charges			12,121						2.5		%				—						—		%
Operating income			53,713						11.1		%				50,384						8.7		%
Non-operating income, net			64						—		%				75						—		%
Interest expense			14,063						2.9		%				3,336						0.6		%
Income before income tax			39,714						8.2		%				47,123						8.1		%
Income tax expense			3,534						0.7		%				7,329						1.3		%
Net income			$	36,180					7.5		%				$	39,794					6.8		%
Diluted earnings per share (“EPS”)			$	1.50											$	1.64
Weighted average shares of common stock used in computing diluted EPS			24,103												24,259

			Fiscal Year Ended Last Day of February,
			2023												2022
Sales revenue, net			$	2,072,667					100.0		%				$	2,223,355					100.0		%
Cost of goods sold			1,173,316						56.6		%				1,270,168						57.1		%
Gross profit			899,351						43.4		%				953,187						42.9		%
SG&A			660,198						31.9		%				680,257						30.6		%
Restructuring charges			27,362						1.3		%				380						—		%
Operating income			211,791						10.2		%				272,550						12.3		%
Non-operating income, net			249						—		%				260						—		%
Interest expense			40,751						2.0		%				12,844						0.6		%
Income before income tax			171,289						8.3		%				259,966						11.7		%
Income tax expense			28,016						1.4		%				36,202						1.6		%
Net income			$	143,273					6.9		%				$	223,764					10.1		%
Diluted EPS			$	5.95											$	9.17
Weighted average shares of common stock used in computing diluted EPS			24,090												24,410

12

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Consolidated Statements of Income and Reconciliation of Non-GAAP Financial Measures – Adjusted Operating Income, Adjusted Income and Adjusted Diluted EPS (2) (3) (7)

(Unaudited) (in thousands, except per share data)

			Three Months Ended February 28, 2023
			As Reported (GAAP)												Adjustments						Adjusted (Non-GAAP)
Sales revenue, net			$	484,583					100.0		%				$	—					$	484,583					100.0		%
Cost of goods sold			274,525						56.7		%				—						274,525						56.7		%
Gross profit			210,058						43.3		%				—						210,058						43.3		%
SG&A			144,224						29.8		%				(1,472)			(8)			143,394						29.6		%
															(4,660)			(11)
															5,302			(12)
Restructuring charges			12,121						2.5		%				(12,121)			(13)			—						—		%
Operating income			53,713						11.1		%				12,951						66,664						13.8		%
Non-operating income, net			64						—		%				—						64						—		%
Interest expense			14,063						2.9		%				—						14,063						2.9		%
Income before income tax			39,714						8.2		%				12,951						52,665						10.9		%
Income tax expense			3,534						0.7		%				614						4,148						0.9		%
Net Income			$	36,180					7.5		%				$	12,337					$	48,517					10.0		%
Diluted EPS			$	1.50											$	0.51					$	2.01
Weighted average shares of common stock used in computing diluted EPS			24,103																		24,103

			Three Months Ended February 28, 2022
			As Reported (GAAP)												Adjustments						Adjusted (Non-GAAP)
Sales revenue, net			$	582,020					100.0		%				$	—					$	582,020					100.0		%
Cost of goods sold			333,846						57.4		%				(3,953)			(8)			329,893						56.7		%
Gross profit			248,174						42.6		%				3,953						252,127						43.3		%
SG&A			197,790						34.0		%				(7,403)			(8)			179,498						30.8		%
															(819)			(9)
															(3,801)			(11)
															(6,269)			(12)
Operating income			50,384						8.7		%				22,245						72,629						12.5		%
Non-operating income, net			75						—		%				—						75						—		%
Interest expense			3,336						0.6		%				—						3,336						0.6		%
Income before income tax			47,123						8.1		%				22,245						69,368						11.9		%
Income tax expense			7,329						1.3		%				1,216						8,545						1.5		%
Net income			$	39,794					6.8		%				$	21,029					$	60,823					10.5		%
Diluted EPS			$	1.64											$	0.87					$	2.51
Weighted average shares of common stock used in computing diluted EPS			24,259																		24,259

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Consolidated Statements of Income and Reconciliation of Non-GAAP Financial Measures – Adjusted Operating Income, Adjusted Income and Adjusted Diluted EPS (2) (3) (7)

(Unaudited) (in thousands, except per share data)

			Fiscal Year Ended February 28, 2023
			As Reported (GAAP)												Adjustments						Adjusted (Non-GAAP)
Sales revenue, net			$	2,072,667					100.0		%				$	—					$	2,072,667					100.0		%
Cost of goods sold			1,173,316						56.6		%				(16,928)			(8)			1,156,388						55.8		%
Gross profit			899,351						43.4		%				16,928						916,279						44.2		%
SG&A			660,198						31.9		%				(6,645)			(8)			615,370						29.7		%
															(2,784)			(9)
															9,676			(10)
															(18,322)			(11)
															(26,753)			(12)
Restructuring charges			27,362						1.3		%				(27,362)			(13)			—						—		%
Operating income			211,791						10.2		%				89,118						300,909						14.5		%
Non-operating income, net			249						—		%				—						249						—		%
Interest expense			40,751						2.0		%				—						40,751						2.0		%
Income before income tax			171,289						8.3		%				89,118						260,407						12.6		%
Income tax expense			28,016						1.4		%				4,728						32,744						1.6		%
Net Income			$	143,273					6.9		%				$	84,390					$	227,663					11.0		%
Diluted EPS			$	5.95											$	3.50					$	9.45
Weighted average shares of common stock used in computing diluted EPS			24,090																		24,090

			Fiscal Year Ended February 28, 2022
			As Reported (GAAP)												Adjustments						Adjusted (Non-GAAP)
Sales revenue, net			$	2,223,355					100.0		%				$	—					$	2,223,355					100.0		%
Cost of goods sold			1,270,168						57.1		%				(17,728)			(8)			1,252,440						56.3		%
Gross profit			953,187						42.9		%				17,728						970,915						43.7		%
SG&A			680,257						30.6		%				(14,626)			(8)			615,825						27.7		%
															(2,424)			(9)
															(12,764)			(11)
															(34,618)			(12)
Restructuring charges			380						—		%				(380)			(13)			—						—		%
Operating income			272,550						12.3		%				82,540						355,090						16.0		%
Non-operating income, net			260						—		%				—						260						—		%
Interest expense			12,844						0.6		%				—						12,844						0.6		%
Income before income tax			259,966						11.7		%				82,540						342,506						15.4		%
Income tax expense			36,202						1.6		%				4,553						40,755						1.8		%
Net Income			$	223,764					10.1		%				$	77,987					$	301,751					13.6		%
Diluted EPS			$	9.17											$	3.19					$	12.36
Weighted average shares of common stock used in computing diluted EPS			24,410																		24,410

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Consolidated and Segment Net Sales Revenue

(Unaudited) (in thousands)

			Three Months Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	210,847																	$	371,173					$	582,020
Organic business (1)			(8,383)																		(106,705)						(115,088)
Impact of foreign currency			(1,363)																		(797)						(2,160)
Acquisition (2) (3)			10,825																		8,986						19,811
Change in sales revenue, net			1,079																		(98,516)						(97,437)
Fiscal 2023 sales revenue, net			$	211,926																	$	272,657					$	484,583
Total net sales revenue growth (decline)			0.5		%																(26.5)		%				(16.7)		%
Organic business			(4.0)		%																(28.7)		%				(19.8)		%
Impact of foreign currency			(0.6)		%																(0.2)		%				(0.4)		%
Acquisition			5.1		%																2.4		%				3.4		%

			Fiscal Year Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	865,844																	$	1,357,511					$	2,223,355
Organic business (1)			(93,569)																		(228,403)						(321,972)
Impact of foreign currency			(9,313)																		(7,656)						(16,969)
Acquisition (2) (3)			152,723																		35,530						188,253
Change in sales revenue, net			49,841																		(200,529)						(150,688)
Fiscal 2023 sales revenue, net			$	915,685																	$	1,156,982					$	2,072,667
Total net sales revenue growth (decline)			5.8		%																(14.8)		%				(6.8)		%
Organic business			(10.8)		%																(16.8)		%				(14.5)		%
Impact of foreign currency			(1.1)		%																(0.6)		%				(0.8)		%
Acquisition			17.6		%																2.6		%				8.5		%

Leadership Brand and Other Net Sales Revenue (2) (3)

(Unaudited) (in thousands)

			Three Months Ended Last Day of February,
			2023						2022												$ Change									% Change
Leadership Brand sales revenue, net (5)			$	414,885					$	480,391											$	(65,506)								(13.6)		%
All other sales revenue, net			69,698						101,629												(31,931)									(31.4)		%
Total sales revenue, net			$	484,583					$	582,020											$	(97,437)								(16.7)		%

			Fiscal Year Ended Last Day of February,
			2023						2022												$ Change									% Change
Leadership Brand sales revenue, net (5)			$	1,753,734					$	1,810,249											$	(56,515)								(3.1)		%
All other sales revenue, net			318,933						413,106												(94,173)									(22.8)		%
Total sales revenue, net			$	2,072,667					$	2,223,355											$	(150,688)								(6.8)		%

15

---

Consolidated and Segment Net Sales from Core and Non-Core Business (4)

(Unaudited) (in thousands)

			Three Months Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	210,847																	$	371,173					$	582,020
Core business			1,079																		(94,637)						(93,558)
Non-Core business (Personal Care)			—																		(3,879)						(3,879)
Change in sales revenue, net			1,079																		(98,516)						(97,437)
Fiscal 2023 sales revenue, net			$	211,926																	$	272,657					$	484,583
Total net sales revenue growth (decline)			0.5		%																(26.5)		%				(16.7)		%
Core business			0.5		%																(25.5)		%				(16.1)		%
Non-Core business (Personal Care)			—		%																(1.0)		%				(0.7)		%

			Fiscal Year Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	865,844																	$	1,357,511					$	2,223,355
Core business			49,841																		(166,413)						(116,572)
Non-Core business (Personal Care)			—																		(34,116)						(34,116)
Change in sales revenue, net			49,841																		(200,529)						(150,688)
Fiscal 2023 sales revenue, net			$	915,685																	$	1,156,982					$	2,072,667
Total net sales revenue growth (decline)			5.8		%																(14.8)		%				(6.8)		%
Core business			5.8		%																(12.3)		%				(5.2)		%
Non-Core business (Personal Care)			—		%																(2.5)		%				(1.5)		%

Consolidated Net Sales by Geographic Region

(Unaudited) (in thousands)

			Three Months Ended February 28,
			2023												2022
Domestic sales revenue, net (14)			$	392,723					81.0		%				$	491,017					84.4		%
International sales revenue, net			91,860						19.0		%				91,003						15.6		%
Total sales revenue, net			$	484,583					100.0		%				$	582,020					100.0		%

			Fiscal Year Ended Last Day of February,
			2023												2022
Domestic sales revenue, net (14)			$	1,647,268					79.5		%				$	1,839,716					82.7		%
International sales revenue, net			425,399						20.5		%				383,639						17.3		%
Total sales revenue, net			$	2,072,667					100.0		%				$	2,223,355					100.0		%

16

---

Reconciliation of Non-GAAP Financial Measures – GAAP Operating Income and Operating Margin

to Adjusted Operating Income and Adjusted Operating Margin (Non-GAAP) (7)

(Unaudited) (in thousands)

			Three Months Ended February 28, 2023
			Home & Outdoor (2)																								Beauty & Wellness (3)												Total
Operating income, as reported (GAAP)			$	31,331					14.8		%																												$	22,382					8.2		%				$	53,713					11.1		%
EPA compliance costs			—						—		%																												1,472						0.5		%				1,472						0.3		%
Restructuring charges			3,127						1.5		%																												8,994						3.3		%				12,121						2.5		%
Subtotal			34,458						16.3		%																												32,848						12.0		%				67,306						13.9		%
Amortization of intangible assets			1,765						0.8		%																												2,895						1.1		%				4,660						1.0		%
Non-cash share-based compensation			(56)						—		%																												(5,246)						(1.9)		%				(5,302)						(1.1)		%
Adjusted operating income (non-GAAP)			$	36,167					17.1		%																												$	30,497					11.2		%				$	66,664					13.8		%

     

			Three Months Ended February 28, 2022
			Home & Outdoor (2)																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	22,622					10.7		%																												$	27,762					7.5		%				$	50,384					8.7		%
Acquisition-related expenses			819						0.4		%																												—						—		%				819						0.1		%
EPA compliance costs			—						—		%																												11,356						3.1		%				11,356						2.0		%
Subtotal			23,441						11.1		%																												39,118						10.5		%				62,559						10.7		%
Amortization of intangible assets			1,329						0.6		%																												2,472						0.7		%				3,801						0.7		%
Non-cash share-based compensation			2,765						1.3		%																												3,504						0.9		%				6,269						1.1		%
Adjusted operating income (non-GAAP)			$	27,535					13.1		%																												$	45,094					12.1		%				$	72,629					12.5		%

			Fiscal Year Ended February 28, 2023
			Home & Outdoor (2)																								Beauty & Wellness (3)												Total
Operating income, as reported (GAAP)			$	134,053					14.6		%																												$	77,738					6.7		%				$	211,791					10.2		%
Acquisition-related expenses			117						—		%																												2,667						0.2		%				2,784						0.1		%
EPA compliance costs			—						—		%																												23,573						2.0		%				23,573						1.1		%
Gain from insurance recoveries			—						—		%																												(9,676)						(0.8)		%				(9,676)						(0.5)		%
Restructuring charges			8,689						0.9		%																												18,673						1.6		%				27,362						1.3		%
Subtotal			142,859						15.6		%																												112,975						9.8		%				255,834						12.3		%
Amortization of intangible assets			7,020						0.8		%																												11,302						1.0		%				18,322						0.9		%
Non-cash share-based compensation			10,751						1.2		%																												16,002						1.4		%				26,753						1.3		%
Adjusted operating income (non-GAAP)			$	160,630					17.5		%																												$	140,279					12.1		%				$	300,909					14.5		%

			Fiscal Year Ended February 28, 2022
			Home & Outdoor (2)																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	134,925					15.6		%																												$	137,625					10.1		%				$	272,550					12.3		%
Acquisition-related expenses			2,424						0.3		%																												—						—		%				2,424						0.1		%
EPA compliance costs			—						—		%																												32,354						2.4		%				32,354						1.5		%
Restructuring charges			369						—		%																												11						—		%				380						—		%
Subtotal			137,718						15.9		%																												169,990						12.5		%				307,708						13.8		%
Amortization of intangible assets			2,891						0.3		%																												9,873						0.7		%				12,764						0.6		%
Non-cash share-based compensation			13,812						1.6		%																												20,806						1.5		%				34,618						1.6		%
Adjusted operating income (non-GAAP)			$	154,421					17.8		%																												$	200,669					14.8		%				$	355,090					16.0		%

17

---

Reconciliation of Non-GAAP Financial Measures – GAAP Operating Income to EBITDA

(Earnings Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA and Adjusted EBITDA Margin (Non-GAAP) (7)

(Unaudited) (in thousands)

			Three Months Ended February 28, 2023
			Home & Outdoor (2)																		Beauty & Wellness (3)												Total
Operating income, as reported (GAAP)			$	31,331					14.8		%																$	22,382					8.2		%				$	53,713					11.1		%
Depreciation and amortization			4,660						2.2		%																6,693						2.5		%				11,353						2.3		%
Non-operating income, net			—						—		%																64						—		%				64						—		%
EBITDA (non-GAAP)			35,991						17.0		%																29,139						10.7		%				65,130						13.4		%
Add: EPA compliance costs			—						—		%																1,472						0.5		%				1,472						0.3		%
Restructuring charges			3,127						1.5		%																8,994						3.3		%				12,121						2.5		%
Non-cash share-based compensation			(56)						—		%																(5,246)						(1.9)		%				(5,302)						(1.1)		%
Adjusted EBITDA (non-GAAP)			$	39,062					18.4		%																$	34,359					12.6		%				$	73,421					15.2		%

			Three Months Ended February 28, 2022
			Home & Outdoor (2)																		Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	22,622					10.7		%																$	27,762					7.5		%				$	50,384					8.7		%
Depreciation and amortization			3,855						1.8		%																5,892						1.6		%				9,747						1.7		%
Non-operating income, net			—						—		%																75						—		%				75						—		%
EBITDA (non-GAAP)			26,477						12.6		%																33,729						9.1		%				60,206						10.3		%
Add: Acquisition-related expenses			819						0.4		%																—						—		%				819						0.1		%
EPA compliance costs			—						—		%																11,356						3.1		%				11,356						2.0		%
Non-cash share-based compensation			2,765						1.3		%																3,504						0.9		%				6,269						1.1		%
Adjusted EBITDA (non-GAAP)			$	30,061					14.3		%																$	48,589					13.1		%				$	78,650					13.5		%

			Three Months Ended February 28, 2021
			Home & Outdoor																					Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	16,193					10.0		%													$	8,332					2.4		%				$	24,525					4.8		%
Depreciation and amortization			2,590						1.6		%													7,133						2.1		%				9,723						1.9		%
Non-operating income, net			—						—		%													119						—		%				119						—		%
EBITDA (non-GAAP)			18,783						11.6		%													15,584						4.5		%				34,367						6.7		%
Add: Restructuring charges			(2)						—		%													(3)						—		%				(5)						—		%
Asset impairment charges			—						—		%													8,452						2.4		%				8,452						1.7		%
Non-cash share-based compensation			2,254						1.4		%													3,510						1.0		%				5,764						1.1		%
Adjusted EBITDA (non-GAAP)			$	21,035					12.9		%													$	27,543					7.9		%				$	48,578					9.5		%

			Three Months Ended February 29, 2020
			Home & Outdoor																								Beauty & Wellness (16)												Total
Operating income (loss), as reported (GAAP)			$	13,965					9.6		%																$	(16,710)					(5.6)		%				$	(2,745)					(0.6)		%
Depreciation and amortization			2,006						1.4		%																10,527						3.5		%				12,533						2.8		%
Non-operating income, net			—						—		%																81						—		%				81						—		%
EBITDA (non-GAAP)			15,971						11.0		%																(6,102)						(2.1)		%				9,869						2.2		%
Add: Acquisition-related expenses			—						—		%																1,071						0.4		%				1,071						0.2		%
Restructuring charges			1,261						0.9		%																991						0.3		%				2,252						0.5		%
Asset impairment charges			—						—		%																41,000						13.8		%				41,000						9.3		%
Non-cash share-based compensation			1,365						0.9		%																2,821						0.9		%				4,186						0.9		%
Adjusted EBITDA (non-GAAP)			$	18,597					12.8		%																$	39,781					13.4		%				$	58,378					13.2		%

18

---

Reconciliation of Non-GAAP Financial Measures – GAAP Operating Income to EBITDA

(Earnings Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA and Adjusted EBITDA Margin (Non-GAAP) (7)

(Unaudited) (in thousands)

			Fiscal Year Ended February 28, 2023
			Home & Outdoor (2)																								Beauty & Wellness (3)												Total
Operating income, as reported (GAAP)			$	134,053					14.6		%																$	77,738					6.7		%				$	211,791					10.2		%
Depreciation and amortization			18,364						2.0		%																26,319						2.3		%				44,683						2.2		%
Non-operating income, net			—						—		%																249						—		%				249						—		%
EBITDA (non-GAAP)			152,417						16.6		%																104,306						9.0		%				256,723						12.4		%
Add: Acquisition-related expenses			117						—		%																2,667						0.2		%				2,784						0.1		%
EPA compliance costs			—						—		%																23,573						2.0		%				23,573						1.1		%
Gain on insurance recoveries			—						—		%																(9,676)						(0.8)		%				(9,676)						(0.5)		%
Restructuring charges			8,689						0.9		%																18,673						1.6		%				27,362						1.3		%
Non-cash share-based compensation			10,751						1.2		%																16,002						1.4		%				26,753						1.3		%
Adjusted EBITDA (non-GAAP)			$	171,974					18.8		%																$	155,545					13.4		%				$	327,519					15.8		%

			Fiscal Year Ended February 28, 2022
			Home & Outdoor (2)																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	134,925					15.6		%																$	137,625					10.1		%				$	272,550					12.3		%
Depreciation and amortization			12,112						1.4		%																23,717						1.7		%				35,829						1.6		%
Non-operating income, net			—						—		%																260						—		%				260						—		%
EBITDA (non-GAAP)			147,037						17.0		%																161,602						11.9		%				308,639						13.9		%
Add: Acquisition-related expenses			2,424						0.3		%																—						—		%				2,424						0.1		%
EPA compliance costs			—						—		%																32,354						2.4		%				32,354						1.5		%
Restructuring charges			369						—		%																11						—		%				380						—		%
Non-cash share-based compensation			13,812						1.6		%																20,806						1.5		%				34,618						1.6		%
Adjusted EBITDA (non-GAAP)			$	163,642					18.9		%																$	214,773					15.8		%				$	378,415					17.0		%

			Fiscal Year Ended February 28, 2021
			Home & Outdoor																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	122,487					16.8		%																$	159,001					11.6		%				$	281,488					13.4		%
Depreciation and amortization			9,333						1.3		%																28,385						2.1		%				37,718						1.8		%
Non-operating income, net			—						—		%																559						—		%				559						—		%
EBITDA (non-GAAP)			131,820						18.1		%																187,945						13.7		%				319,765						15.2		%
Add: Restructuring charges			249						—		%																101						—		%				350						—		%
Asset impairment charges			—						—		%																8,452						0.6		%				8,452						0.4		%
Non-cash share-based compensation			10,278						1.4		%																16,140						1.2		%				26,418						1.3		%
Adjusted EBITDA (non-GAAP)			$	142,347					19.6		%																$	212,638					15.5		%				$	354,985					16.9		%

			Fiscal Year Ended February 29, 2020
			Home & Outdoor																								Beauty & Wellness (16)												Total
Operating income, as reported (GAAP)			$	123,135					19.2		%																$	55,116					5.2		%				$	178,251					10.4		%
Depreciation and amortization			7,298						1.1		%																30,111						2.8		%				37,409						2.2		%
Non-operating income, net			—						—		%																394						—		%				394						—		%
EBITDA (non-GAAP)			130,433						20.3		%																85,621						8.0		%				216,054						12.7		%
Add: Acquisition-related expenses			—						—		%																2,546						0.2		%				2,546						0.1		%
Restructuring charges			1,351						0.2		%																1,962						0.2		%				3,313						0.2		%
Asset impairment charges			—						—		%																41,000						3.8		%				41,000						2.4		%
Non-cash share-based compensation			7,218						1.1		%																15,711						1.5		%				22,929						1.3		%
Adjusted EBITDA (non-GAAP)			$	139,002					21.7		%																$	146,840					13.8		%				$	285,842					16.7		%

19

---

Reconciliation of Non-GAAP Financial Measures – GAAP Income and Diluted EPS to

Adjusted Income and Adjusted Diluted EPS (Non-GAAP) (7)

(Unaudited) (in thousands, except per share data)

			Three Months Ended February 28, 2023
			Income																		Diluted EPS
			Before Tax						Tax						Net of Tax						Before Tax						Tax						Net of Tax
As reported (GAAP)			$	39,714					$	3,534					$	36,180					$	1.65					$	0.15					$	1.50
EPA compliance costs			1,472						22						1,450						0.06						—						0.06
Restructuring charges			12,121						196						11,925						0.50						0.01						0.49
Subtotal			53,307						3,752						49,555						2.21						0.16						2.06
Amortization of intangible assets			4,660						694						3,966						0.19						0.03						0.16
Non-cash share-based compensation			(5,302)						(298)						(5,004)						(0.22)						(0.01)						(0.21)
Adjusted (non-GAAP)			$	52,665					$	4,148					$	48,517					$	2.18					$	0.17					$	2.01
Weighted average shares of common stock used in computing diluted EPS																																	24,103

			Three Months Ended February 28, 2022
			Income																		Diluted EPS
			Before Tax						Tax						Net of Tax						Before Tax						Tax						Net of Tax
As reported (GAAP)			$	47,123					$	7,329					$	39,794					$	1.94					$	0.30					$	1.64
Acquisition-related expenses			819						29						790						0.03						—						0.03
EPA compliance costs			11,356						170						11,186						0.47						0.01						0.46
Subtotal			59,298						7,528						51,770						2.44						0.31						2.13
Amortization of intangible assets			3,801						407						3,394						0.16						0.02						0.14
Non-cash share-based compensation			6,269						610						5,659						0.26						0.03						0.23
Adjusted (non-GAAP)			$	69,368					$	8,545					$	60,823					$	2.86					$	0.35					$	2.51
Weighted average shares of common stock used in computing diluted EPS																																	24,259

			Three Months Ended February 28, 2021
			Income																		Diluted EPS
			Before Tax						Tax						Net of Tax						Before Tax						Tax						Net of Tax
As reported (GAAP)			$	21,595					$	(577)					$	22,172					$	0.87					$	(0.02)					$	0.90
Asset impairment charges			8,452						1,009						7,443						0.34						0.04						0.30
Restructuring charges			(5)						—						(5)						—						—						—
Subtotal			30,042						432						29,610						1.21						0.02						1.20
Amortization of intangible assets			4,116						214						3,902						0.17						0.01						0.16
Non-cash share-based compensation			5,764						520						5,244						0.23						0.02						0.21
Adjusted (non-GAAP)			$	39,922					$	1,166					$	38,756					$	1.61					$	0.05					$	1.57
Weighted average shares of common stock used in computing diluted EPS																																	24,737

20

---

Reconciliation of Non-GAAP Financial Measures – GAAP Income (Loss) and Diluted EPS to

Adjusted Income and Adjusted Diluted EPS (Non-GAAP) (7)

(Unaudited) (in thousands, except per share data)

			Three Months Ended February 29, 2020
			(Loss) Income																		Diluted EPS
			Before Tax						Tax						Net of Tax						Before Tax						Tax						Net of Tax
As reported (GAAP)			$	(6,078)					$	(2,923)					$	(3,155)					$	(0.24)					$	(0.12)					$	(0.13)
Acquisition-related expenses			1,071						16						1,055						0.04						—						0.04
Asset impairment charges			41,000						4,574						36,426						1.61						0.18						1.43
Restructuring charges			2,252						93						2,159						0.09						—						0.08
Subtotal			38,245						1,760						36,485						1.51						0.07						1.44
Amortization of intangible assets			8,142						624						7,518						0.32						0.02						0.30
Non-cash share-based compensation			4,186						369						3,817						0.16						0.01						0.15
Adjusted (non-GAAP)			$	50,573					$	2,753					$	47,820					$	1.99					$	0.11					$	1.88
Weighted average shares of common stock used in computing diluted EPS																																	25,403

21

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Reconciliation of Non-GAAP Financial Measures – GAAP Income and Diluted EPS to

Adjusted Income and Adjusted Diluted EPS (Non-GAAP) (7)

(Unaudited) (in thousands, except per share data)

			Fiscal Year Ended February 28, 2023
			Income																		Diluted EPS
			Before Tax						Tax						Net of Tax						Before Tax						Tax						Net of Tax
As reported (GAAP)			$	171,289					$	28,016					$	143,273					$	7.11					$	1.16					$	5.95
Acquisition-related expenses			2,784						2						2,782						0.12						—						0.12
EPA compliance costs			23,573						354						23,219						0.98						0.01						0.96
Gain from insurance recoveries			(9,676)						(121)						(9,555)						(0.40)						(0.01)						(0.40)
Restructuring charges			27,362						388						26,974						1.14						0.02						1.12
Subtotal			215,332						28,639						186,693						8.94						1.19						7.75
Amortization of intangible assets			18,322						2,275						16,047						0.76						0.09						0.67
Non-cash share-based compensation			26,753						1,830						24,923						1.11						0.08						1.03
Adjusted (non-GAAP)			$	260,407					$	32,744					$	227,663					$	10.81					$	1.36					$	9.45
Weighted average shares of common stock used in computing diluted EPS																																	24,090

			Fiscal Year Ended February 28, 2022
			Income																		Diluted EPS
			Before Tax						Tax						Net of Tax						Before Tax						Tax						Net of Tax
As reported (GAAP)			$	259,966					$	36,202					$	223,764					$	10.65					$	1.48					$	9.17
Acquisition-related expenses			2,424						87						2,337						0.10						—						0.10
EPA compliance costs			32,354						485						31,869						1.33						0.02						1.31
Restructuring charges			380						6						374						0.02						—						0.02
Subtotal			295,124						36,780						258,344						12.09						1.51						10.58
Amortization of intangible assets			12,764						1,010						11,754						0.52						0.04						0.48
Non-cash share-based compensation			34,618						2,965						31,653						1.42						0.12						1.30
Adjusted (non-GAAP)			$	342,506					$	40,755					$	301,751					$	14.03					$	1.67					$	12.36
Weighted average shares of common stock used in computing diluted EPS																																	24,410

			Fiscal Year Ended February 28, 2021
			Income																		Diluted EPS
			Before Tax						Tax						Net of Tax						Before Tax						Tax						Net of Tax
As reported (GAAP)			$	269,430					$	15,484					$	253,946					$	10.69					$	0.61					$	10.08
Asset impairment charges			8,452						1,009						7,443						0.34						0.04						0.30
Restructuring charges			350						2						348						0.01						—						0.01
Tax reform			—						9,357						(9,357)						—						0.37						(0.37)
Subtotal			278,232						25,852						252,380						11.04						1.03						10.02
Amortization of intangible assets			17,643						865						16,778						0.70						0.03						0.67
Non-cash share-based compensation			26,418						1,926						24,492						1.05						0.08						0.97
Adjusted (non-GAAP)			$	322,293					$	28,643					$	293,650					$	12.79					$	1.14					$	11.65
Weighted average shares of common stock used in computing diluted EPS																																	25,196

22

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Reconciliation of Non-GAAP Financial Measures – GAAP Income and Diluted EPS to

Adjusted Income and Adjusted Diluted EPS (Non-GAAP) (7)

(Unaudited) (in thousands, except per share data)

			Fiscal Year Ended February 29, 2020
			Income																		Diluted EPS
			Before Tax						Tax						Net of Tax						Before Tax						Tax						Net of Tax
As reported (GAAP)			$	165,940					$	13,607					$	152,333					$	6.55					$	0.54					$	6.02
Acquisition-related expenses			2,546						38						2,508						0.10						—						0.10
Asset impairment charges			41,000						4,574						36,426						1.62						0.18						1.44
Restructuring charges			3,313						161						3,152						0.13						0.01						0.12
Subtotal			212,799						18,380						194,419						8.40						0.73						7.68
Amortization of intangible assets			21,271						1,245						20,026						0.84						0.05						0.79
Non-cash share-based compensation			22,929						1,803						21,126						0.91						0.07						0.83
Adjusted (non-GAAP)			$	256,999					$	21,428					$	235,571					$	10.15					$	0.85					$	9.30
Weighted average shares of common stock used in computing diluted EPS																																	25,322

23

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Consolidated, Core and Non-Core Net Sales and Reconciliation of Non-GAAP Financial Measures – Core and Non-Core Adjusted Diluted EPS (Non-GAAP) (4) (7)

(Unaudited) (in thousands, except per share data)

			Three Months Ended Last Day of February,
			2023						2022												$ Change						% Change
Sales revenue, net
Core			$	484,583					$	578,141											$	(93,558)											(16.2)		%
Non-Core			—						3,879												(3,879)												(100.0)		%
Total			$	484,583					$	582,020											$	(97,437)											(16.7)		%

			Three Months Ended Last Day of February,
			2023						2022												$ Change						% Change
Adjusted Diluted EPS (non-GAAP)
Core			$	2.01					$	2.51											$	(0.50)											(19.9)		%
Non-Core			—						—												—												—		%
Total			$	2.01					$	2.51											$	(0.50)											(19.9)		%

			Three Months Ended Last Day of February,
Core Business:			2023						2022
Diluted EPS, as reported			$	1.50					$	1.64
Acquisition-related expenses, net of tax			—						0.03
EPA compliance costs, net of tax			0.06						0.46
Restructuring charges, net of tax			0.49						—
Subtotal			2.06						2.13
Amortization of intangible assets, net of tax			0.16						0.14
Non-cash share-based compensation, net of tax			(0.21)						0.23
Adjusted Diluted EPS (non-GAAP)			$	2.01					$	2.51
			Three Months Ended Last Day of February,
Non-Core Business:			2023						2022
Diluted EPS, as reported			$	—					$	—
Adjusted Diluted EPS (non-GAAP)			$	—					$	—
Diluted EPS, as reported (GAAP)			$	1.50					$	1.64

24

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Consolidated, Core and Non-Core Net Sales and Reconciliation of Non-GAAP Financial Measures – Core and Non-Core Adjusted Diluted EPS (Non-GAAP) (4) (7)

(Unaudited) (in thousands, except per share data)

			Three Months Ended Last Day of February,
			2021						2020
Sales revenue, net
Core			$	493,458					$	421,640
Non-Core			15,917						20,725
Total			$	509,375					$	442,365

			Three Months Ended Last Day of February,
			2021						2020
Adjusted Diluted EPS (non-GAAP)
Core			$	1.42					$	1.73
Non-Core			0.15						0.15
Total			$	1.57					$	1.88

			Three Months Ended Last Day of February,
Core Business:			2021						2020
Diluted EPS, as reported			$	1.05					$	1.31
Acquisition-related expenses, net of tax			—						0.04
Restructuring charges, net of tax			—						0.08
Subtotal			1.05						1.43
Amortization of intangible assets, net of tax			0.16						0.15
Non-cash share-based compensation, net of tax			0.21						0.15
Adjusted Diluted EPS (non-GAAP)			$	1.42					$	1.73
			Three Months Ended Last Day of February,
Non-Core Business:			2021						2020
Diluted EPS, as reported			$	(0.15)					$	(1.44)
Asset impairment charges, net of tax			0.30						1.43
Subtotal			0.15						(0.01)
Amortization of intangible assets, net of tax			—						0.15
Adjusted Diluted EPS (non-GAAP)			$	0.15					$	0.15
Diluted EPS, as reported (GAAP)			$	0.90					$	(0.13)

25

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Consolidated, Core and Non-Core Net Sales and Reconciliation of Non-GAAP Financial Measures – Core and Non-Core Adjusted Diluted EPS (Non-GAAP) (4) (7)

(Unaudited) (in thousands, except per share data)

			Fiscal Years Ended Last Day of February,
			2023						2022												$ Change						% Change
Sales revenue, net
Core			$	2,072,667					$	2,189,239											$	(116,572)											(5.3)		%
Non-Core			—						34,116												(34,116)												(100.0)		%
Total			$	2,072,667					$	2,223,355											$	(150,688)											(6.8)		%

			Fiscal Years Ended Last Day of February,
			2023						2022												$ Change						% Change
Adjusted Diluted EPS (non-GAAP)
Core			$	9.45					$	12.18											$	(2.73)											(22.4)		%
Non-Core			—						0.18												(0.18)												(100.0)		%
Total			$	9.45					$	12.36											$	(2.91)											(23.5)		%

			Fiscal Years Ended Last Day of February,
Core Business:			2023						2022
Diluted EPS, as reported			$	5.95					$	9.00
Acquisition-related expenses, net of tax			0.12						0.10
EPA compliance costs, net of tax			0.96						1.31
Gain from insurance recoveries, net of tax			(0.40)						—
Restructuring charges, net of tax			1.12						0.02
Subtotal			7.75						10.41
Amortization of intangible assets, net of tax			0.67						0.48
Non-cash share-based compensation, net of tax			1.03						1.29
Adjusted Diluted EPS (non-GAAP)			$	9.45					$	12.18
			Fiscal Years Ended Last Day of February,
Non-Core Business:			2023						2022
Diluted EPS, as reported			$	—					$	0.17
Non-cash share-based compensation, net of tax			—						0.01
Adjusted Diluted EPS (non-GAAP)			$	—					$	0.18
Diluted EPS, as reported (GAAP)			$	5.95					$	9.17

26

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Consolidated, Core and Non-Core Net Sales and Reconciliation of Non-GAAP Financial Measures – Core and Non-Core Adjusted Diluted EPS (Non-GAAP) (4) (7)

(Unaudited) (in thousands, except per share data)

			Fiscal Years Ended Last Day of February,
			2021						2020
Sales revenue, net
Core			$	2,020,453					$	1,615,094
Non-Core			78,346						92,338
Total			$	2,098,799					$	1,707,432

			Fiscal Years Ended Last Day of February,
			2021						2020
Adjusted Diluted EPS (non-GAAP)
Core			$	11.03					$	8.72
Non-Core			0.62						0.58
Total			$	11.65					$	9.30

			Fiscal Years Ended Last Day of February,
Core Business:			2021						2020
Diluted EPS, as reported			$	9.76					$	7.16
Acquisition-related expenses, net of tax			—						0.10
Restructuring charges, net of tax			0.01						0.11
Tax Reform			(0.37)						—
Subtotal			9.40						7.37
Amortization of intangible assets, net of tax			0.67						0.53
Non-cash share-based compensation, net of tax			0.97						0.82
Adjusted Diluted EPS (non-GAAP)			$	11.03					$	8.72
			Fiscal Years Ended Last Day of February,
Non-Core Business:			2021						2020
Diluted EPS, as reported			$	0.32					$	(1.14)
Asset impairment charges, net of tax			0.30						1.44
Restructuring charges, net of tax			—						0.01
Subtotal			0.62						0.31
Amortization of intangible assets, net of tax			—						0.26
Non-cash share-based compensation, net of tax			—						0.01
Adjusted Diluted EPS (non-GAAP)			$	0.62					$	0.58
Diluted EPS, as reported (GAAP)			$	10.08					$	6.02

27

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Selected Consolidated Balance Sheet, Liquidity and Cash Flow Information

(Unaudited) (in thousands)

			Last Day of February,
			2023						2022
Balance Sheet:
Cash and cash equivalents			$	29,073					$	33,381
Receivables, net			377,604						457,623
Inventory			455,485						557,992
Assets held for sale			—						1,942
Total assets, current			892,041						1,082,080
Total assets			2,913,715						2,823,451
Total liabilities, current			412,158						602,690
Total long-term liabilities			1,012,746						893,422
Total debt			934,412						813,216
Stockholders’ equity			1,488,811						1,327,339

			Fiscal Years Ended Last Day of February,
			2023						2022
Accounts receivable turnover (days) (15)			69.4						66.0
Inventory turnover (times) (15)			2.1						2.3
Working capital			$	479,883					$	479,390
Current ratio			2.2:1						1.8:1
Ending debt to ending equity ratio			62.8%						61.3%
Return on average equity (15)			10.2%						17.5%

			Fiscal Years Ended Last Day of February,
			2023						2022
Cash Flow:
Depreciation and amortization			$	44,683					$	35,829
Net cash provided by operating activities			208,242						140,823
Capital and intangible asset expenditures			174,864						78,039
Net debt proceeds			120,668						468,600
Payments for repurchases of common stock			18,365						188,204

Reconciliation of Non-GAAP Financial Measures – GAAP Net Cash Provided by Operating Activities to Free Cash Flow (Non-GAAP) (7) (17)

(Unaudited) (in thousands)

			Fiscal Years Ended Last Day of February,
			2023						2022
Net cash provided by operating activities (GAAP)			$	208,242					$	140,823
Less: Capital and intangible asset expenditures			(174,864)						(78,039)
Free cash flow (non-GAAP)			$	33,378					$	62,784

28

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Fiscal 2024 Outlook for Net Sales Revenue

(Unaudited) (in thousands) 

Consolidated:			Fiscal 2023						Outlook Fiscal 2024
Net sales revenue			$	2,072,667					$	1,965,000					—						$	2,015,000
Net sales revenue growth									(5.2)		%				—						(2.8)		%

Reconciliation of Non-GAAP Financial Measures – Fiscal 2024 Outlook for GAAP Operating Income to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)

and Adjusted EBITDA (Non-GAAP) (7)  (Unaudited) (in thousands)

Consolidated:			Fiscal Year Ended February 28, 2023												Outlook Fiscal 2024
Operating income, as reported (GAAP)			$	211,791																							$	176,500					—						$	201,250
Depreciation and amortization			44,683																								63,786						—						57,690
Non-operating income, net			249																								1,225						—						975
EBITDA (non-GAAP)			256,723																								241,511						—						259,915
Add: Acquisition-related expenses			2,784																								—						—						—
EPA compliance costs			23,573																								—						—						—
Gain on insurance recoveries			(9,676)																								—						—						—
Restructuring charges			27,362																								67,851						—						59,969
Non-cash share-based compensation			26,753																								28,638						—						28,116
Adjusted EBITDA (non-GAAP)			$	327,519																							$	338,000					—						$	348,000
Adjusted EBITDA (non-GAAP) growth																											3.2		%				—						6.3		%

Reconciliation of Non-GAAP Financial Measures – Fiscal 2024 Outlook for GAAP Diluted EPS to Adjusted Diluted EPS (Non-GAAP) (7)  (Unaudited)  

Consolidated:			Fiscal Year Ended February 28, 2023												Outlook Fiscal 2024
Diluted EPS, as reported (GAAP)			$	5.95																							$	3.98					—						$	4.84
Acquisition-related expenses, net of tax			0.12																								—						—						—
EPA compliance costs, net of tax			0.96																								—						—						—
Gain from insurance recoveries, net of tax			(0.40)																								—						—						—
Restructuring charges, net of tax			1.12																								2.75						—						2.43
Subtotal			7.75																								6.73						—						7.27
Amortization of intangible assets, net of tax			0.67																								0.67						—						0.65
Non-cash share-based compensation, net of tax			1.03																								1.10						—						1.08
Adjusted diluted EPS (non-GAAP)			$	9.45																							$	8.50					—						$	9.00
Adjusted diluted EPS (non-GAAP) growth																											(10.1)		%				—						(4.8)		%

29

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Reconciliation of Non-GAAP Financial Measures – Fiscal 2024 Outlook for GAAP Effective Tax Rate to Adjusted Effective Tax Rate (Non-GAAP) (7) (Unaudited)

Consolidated:												Outlook Fiscal 2024
Effective tax rate, as reported (GAAP)																								21.0		%				—						19.0		%
Restructuring charges																								(6.8)		%				—						(5.0)		%
Subtotal																								14.2		%				—						14.0		%
Amortization of intangible assets																								(0.4)		%				—						(0.3)		%
Non-cash share-based compensation																								(0.6)		%				—						(0.6)		%
Adjusted effective tax rate (non-GAAP)																								13.2		%				—						13.1		%

Reconciliation of Non-GAAP Financial Measures – Fiscal 2024 Outlook for GAAP Net Cash Provided by Operating Activities to Free Cash Flow (Non-GAAP) (7) (17)

(Unaudited) (in thousands)

Consolidated:			Fiscal Year Ended February 28, 2023												Outlook Fiscal 2024
Net cash provided by operating activities (GAAP)			$	208,242																							$	300,000					—						$	315,000
Less: Capital and intangible asset expenditures			(174,864)																								(50,000)						—						(45,000)
Free cash flow (non-GAAP)			$	33,378																							$	250,000					—						$	270,000

30

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Fiscal 2023 Consolidated and Segment Net Sales Revenue

(Unaudited) (in thousands)

			Three Months Ended May 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	193,644																	$	347,579					$	541,223
Organic business (1)			(8,604)																		(75,503)						(84,107)
Impact of foreign currency			(2,024)																		(1,507)						(3,531)
Acquisition (2) (3)			51,247																		3,246						54,493
Change in sales revenue, net			40,619																		(73,764)						(33,145)
Fiscal 2023 sales revenue, net			$	234,263																	$	273,815					$	508,078
Total net sales revenue growth (decline)			21.0		%																(21.2)		%				(6.1)		%
Organic business			(4.4)		%																(21.7)		%				(15.5)		%
Impact of foreign currency			(1.0)		%																(0.4)		%				(0.7)		%
Acquisition			26.5		%																0.9		%				10.1		%

			Three Months Ended August 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	215,218																	$	260,010					$	475,228
Organic business (1)			(19,320)																		12,093						(7,227)
Impact of foreign currency			(2,735)																		(1,469)						(4,204)
Acquisition (2) (3)			47,396																		10,207						57,603
Change in sales revenue, net			25,341																		20,831						46,172
Fiscal 2023 sales revenue, net			$	240,559																	$	280,841					$	521,400
Total net sales revenue growth (decline)			11.8		%																8.0		%				9.7		%
Organic business			(9.0)		%																4.7		%				(1.5)		%
Impact of foreign currency			(1.3)		%																(0.6)		%				(0.9)		%
Acquisition			22.0		%																3.9		%				12.1		%

			Three Months Ended November 30,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	246,135																	$	378,749					$	624,884
Organic business (1)			(57,262)																		(58,288)						(115,550)
Impact of foreign currency			(3,191)																		(3,883)						(7,074)
Acquisition (2) (3)			43,255																		13,091						56,346
Change in sales revenue, net			(17,198)																		(49,080)						(66,278)
Fiscal 2023 sales revenue, net			$	228,937																	$	329,669					$	558,606
Total net sales revenue growth (decline)			(7.0)		%																(13.0)		%				(10.6)		%
Organic business			(23.3)		%																(15.4)		%				(18.5)		%
Impact of foreign currency			(1.3)		%																(1.0)		%				(1.1)		%
Acquisition			17.6		%																3.5		%				9.0		%

31

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Fiscal 2022 Consolidated and Segment Net Sales Revenue

(Unaudited) (in thousands)

			Three Months Ended May 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2021 sales revenue, net			$	140,628																	$	280,207					$	420,835
Organic business (1)			52,127																		62,755						114,882
Impact of foreign currency			889																		4,617						5,506
Change in sales revenue, net			53,016																		67,372						120,388
Fiscal 2022 sales revenue, net			$	193,644																	$	347,579					$	541,223
Total net sales revenue growth			37.7		%																24.0		%				28.6		%
Organic business			37.1		%																22.4		%				27.3		%
Impact of foreign currency			0.6		%																1.6		%				1.3		%

			Three Months Ended August 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2021 sales revenue, net			$	201,863																	$	328,989					$	530,852
Organic business (1)			13,084																		(70,765)						(57,681)
Impact of foreign currency			271																		1,786						2,057
Change in sales revenue, net			13,355																		(68,979)						(55,624)
Fiscal 2022 sales revenue, net			$	215,218																	$	260,010					$	475,228
Total net sales revenue growth (decline)			6.6		%																(21.0)		%				(10.5)		%
Organic business			6.5		%																(21.5)		%				(10.9)		%
Impact of foreign currency			0.1		%																0.5		%				0.4		%

			Three Months Ended November 30,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2021 sales revenue, net			$	222,400																	$	415,337					$	637,737
Organic business (1)			23,601																		(37,652)						(14,051)
Impact of foreign currency			134																		1,064						1,198
Change in sales revenue, net			23,735																		(36,588)						(12,853)
Fiscal 2022 sales revenue, net			$	246,135																	$	378,749					$	624,884
Total net sales revenue growth (decline)			10.7		%																(8.8)		%				(2.0)		%
Organic business			10.6		%																(9.1)		%				(2.2)		%
Impact of foreign currency			0.1		%																0.3		%				0.2		%

32

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Fiscal 2022 Consolidated and Segment Net Sales Revenue

(Unaudited) (in thousands)

			Three Months Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2021 sales revenue, net			$	162,463																	$	346,912					$	509,375
Organic business (1)			24,683																		25,522						50,205
Impact of foreign currency			(672)																		(1,261)						(1,933)
Acquisition (2)			24,373																		—						24,373
Change in sales revenue, net			48,384																		24,261						72,645
Fiscal 2022 sales revenue, net			$	210,847																	$	371,173					$	582,020
Total net sales revenue growth (decline)			29.8		%																7.0		%				14.3		%
Organic business			15.2		%																7.4		%				9.9		%
Impact of foreign currency			(0.4)		%																(0.4)		%				(0.4)		%
Acquisition			15.0		%																—		%				4.8		%

			Fiscal Year Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2021 sales revenue, net			$	727,354																	$	1,371,445					$	2,098,799
Organic business (1)			113,495																		(20,140)						93,355
Impact of foreign currency			622																		6,206						6,828
Acquisition (2)			24,373																		—						24,373
Change in sales revenue, net			138,490																		(13,934)						124,556
Fiscal 2022 sales revenue, net			$	865,844																	$	1,357,511					$	2,223,355
Total net sales revenue growth (decline)			19.0		%																(1.0)		%				5.9		%
Organic business			15.6		%																(1.5)		%				4.4		%
Impact of foreign currency			0.1		%																0.5		%				0.3		%
Acquisition			3.4		%																—		%				1.2		%

33

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Fiscal 2021 Consolidated and Segment Net Sales Revenue

(Unaudited) (in thousands)

			Three Months Ended May 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2020 sales revenue, net			$	144,942																	$	231,393					$	376,335
Organic business (1)			(3,927)																		45,602						41,675
Impact of foreign currency			(387)																		(4,377)						(4,764)
Acquisition (16)			—																		7,589						7,589
Change in sales revenue, net			(4,314)																		48,814						44,500
Fiscal 2021 sales revenue, net			$	140,628																	$	280,207					$	420,835
Total net sales revenue growth (decline)			(3.0)		%																21.1		%				11.8		%
Organic business			(2.7)		%																19.7		%				11.1		%
Impact of foreign currency			(0.3)		%																(1.9)		%				(1.3)		%
Acquisition			—		%																3.3		%				2.0		%

			Three Months Ended August 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2020 sales revenue, net			$	167,864																	$	246,131					$	413,995
Organic business (1)			33,894																		72,523						106,417
Impact of foreign currency			105																		(208)						(103)
Acquisition (16)			—																		10,543						10,543
Change in sales revenue, net			33,999																		82,858						116,857
Fiscal 2021 sales revenue, net			$	201,863																	$	328,989					$	530,852
Total net sales revenue growth (decline)			20.3		%																33.7		%				28.2		%
Organic business			20.2		%																29.5		%				25.7		%
Impact of foreign currency			0.1		%																(0.1)		%				—		%
Acquisition			—		%																4.3		%				2.5		%

			Three Months Ended November 30,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2020 sales revenue, net			$	183,211																	$	291,526					$	474,737
Organic business (1)			38,836																		104,959						143,795
Impact of foreign currency			353																		1,351						1,704
Acquisition (16)			—																		17,501						17,501
Change in sales revenue, net			39,189																		123,811						163,000
Fiscal 2021 sales revenue, net			$	222,400																	$	415,337					$	637,737
Total net sales revenue growth			21.4		%																42.5		%				34.3		%
Organic business			21.2		%																36.0		%				30.3		%
Impact of foreign currency			0.2		%																0.5		%				0.4		%
Acquisition			—		%																6.0		%				3.7		%

34

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Fiscal 2021 Consolidated and Segment Net Sales Revenue

(Unaudited) (in thousands)

			Three Months Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2020 sales revenue, net			$	144,948																	$	297,417					$	442,365
Organic business (1)			17,113																		36,812						53,925
Impact of foreign currency			402																		2,316						2,718
Acquisition (16)			—																		10,367						10,367
Change in sales revenue, net			17,515																		49,495						67,010
Fiscal 2021 sales revenue, net			$	162,463																	$	346,912					$	509,375
Total net sales revenue growth			12.1		%																16.6		%				15.1		%
Organic business			11.8		%																12.4		%				12.2		%
Impact of foreign currency			0.3		%																0.8		%				0.6		%
Acquisition			—		%																3.5		%				2.3		%

			Fiscal Year Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2020 sales revenue, net			$	640,965																	$	1,066,467					$	1,707,432
Organic business (1)			85,916																		259,896						345,812
Impact of foreign currency			473																		(918)						(445)
Acquisition (16)			—																		46,000						46,000
Change in sales revenue, net			86,389																		304,978						391,367
Fiscal 2021 sales revenue, net			$	727,354																	$	1,371,445					$	2,098,799
Total net sales revenue growth (decline)			13.5		%																28.6		%				22.9		%
Organic business			13.4		%																24.4		%				20.3		%
Impact of foreign currency			0.1		%																(0.1)		%				—		%
Acquisition			—		%																4.3		%				2.7		%

35

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Fiscal 2023 Consolidated and Segment Net Sales from Core and Non-Core Business (4)

(Unaudited) (in thousands)

			Three Months Ended May 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	193,644																	$	347,579					$	541,223
Core business			40,619																		(53,645)						(13,026)
Non-Core business (Personal Care)			—																		(20,119)						(20,119)
Change in sales revenue, net			40,619																		(73,764)						(33,145)
Fiscal 2023 sales revenue, net			$	234,263																	$	273,815					$	508,078
Total net sales revenue growth (decline)			21.0		%																(21.2)		%				(6.1)		%
Core business			21.0		%																(15.4)		%				(2.4)		%
Non-Core business (Personal Care)			—		%																(5.8)		%				(3.7)		%

			Three Months Ended August 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	215,218																	$	260,010					$	475,228
Core business			25,341																		26,574						51,915
Non-Core business (Personal Care)			—																		(5,743)						(5,743)
Change in sales revenue, net			25,341																		20,831						46,172
Fiscal 2023 sales revenue, net			$	240,559																	$	280,841					$	521,400
Total net sales revenue growth (decline)			11.8		%																8.0		%				9.7		%
Core business			11.8		%																10.2		%				10.9		%
Non-Core business (Personal Care)			—		%																(2.2)		%				(1.2)		%

			Three Months Ended November 30,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2022 sales revenue, net			$	246,135																	$	378,749					$	624,884
Core business			(17,198)																		(44,705)						(61,903)
Non-Core business (Personal Care)			—																		(4,375)						(4,375)
Change in sales revenue, net			(17,198)																		(49,080)						(66,278)
Fiscal 2023 sales revenue, net			$	228,937																	$	329,669					$	558,606
Total net sales revenue growth (decline)			(7.0)		%																(13.0)		%				(10.6)		%
Core business			(7.0)		%																(11.8)		%				(9.9)		%
Non-Core business (Personal Care)			—		%																(1.2)		%				(0.7)		%

36

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Fiscal 2022 Consolidated and Segment Net Sales from Core and Non-Core Business (4)

(Unaudited) (in thousands)

			Three Months Ended May 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2021 sales revenue, net			$	140,628																	$	280,207					$	420,835
Core business			53,016																		68,569						121,585
Non-Core business (Personal Care)			—																		(1,197)						(1,197)
Change in sales revenue, net			53,016																		67,372						120,388
Fiscal 2022 sales revenue, net			$	193,644																	$	347,579					$	541,223
Total net sales revenue growth (decline)			37.7		%																24.0		%				28.6		%
Core business			37.7		%																24.5		%				28.9		%
Non-Core business (Personal Care)			—		%																(0.4)		%				(0.3)		%

			Three Months Ended August 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2021 sales revenue, net			$	201,863																	$	328,989					$	530,852
Core business			13,355																		(53,580)						(40,225)
Non-Core business (Personal Care)			—																		(15,399)						(15,399)
Change in sales revenue, net			13,355																		(68,979)						(55,624)
Fiscal 2022 sales revenue, net			$	215,218																	$	260,010					$	475,228
Total net sales revenue growth (decline)			6.6		%																(21.0)		%				(10.5)		%
Core business			6.6		%																(16.3)		%				(7.6)		%
Non-Core business (Personal Care)			—		%																(4.7)		%				(2.9)		%

			Three Months Ended November 30,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2021 sales revenue, net			$	222,400																	$	415,337					$	637,737
Core business			23,735																		(20,992)						2,743
Non-Core business (Personal Care)			—																		(15,596)						(15,596)
Change in sales revenue, net			23,735																		(36,588)						(12,853)
Fiscal 2022 sales revenue, net			$	246,135																	$	378,749					$	624,884
Total net sales revenue growth (decline)			10.7		%																(8.8)		%				(2.0)		%
Core business			10.7		%																(5.1)		%				0.4		%
Non-Core business (Personal Care)			—		%																(3.8)		%				(2.4)		%

37

---

SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Fiscal 2022 Consolidated and Segment Net Sales from Core and Non-Core Business (4)

(Unaudited) (in thousands)

			Three Months Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2021 sales revenue, net			$	162,463																	$	346,912					$	509,375
Core business			48,384																		36,299						84,683
Non-Core business (Personal Care)			—																		(12,038)						(12,038)
Change in sales revenue, net			48,384																		24,261						72,645
Fiscal 2022 sales revenue, net			$	210,847																	$	371,173					$	582,020
Total net sales revenue growth (decline)			29.8		%																7.0		%				14.3		%
Core business			29.8		%																10.5		%				16.6		%
Non-Core business (Personal Care)			—		%																(3.5)		%				(2.4)		%

			Fiscal Year Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2021 sales revenue, net			$	727,354																	$	1,371,445					$	2,098,799
Core business			138,490																		30,296						168,786
Non-Core business (Personal Care)			—																		(44,230)						(44,230)
Change in sales revenue, net			138,490																		(13,934)						124,556
Fiscal 2022 sales revenue, net			$	865,844																	$	1,357,511					$	2,223,355
Total net sales revenue growth (decline)			19.0		%																(1.0)		%				5.9		%
Core business			19.0		%																2.2		%				8.0		%
Non-Core business (Personal Care)			—		%																(3.2)		%				(2.1)		%

38

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Fiscal 2021 Consolidated and Segment Net Sales from Core and Non-Core Business (4)

(Unaudited) (in thousands)

			Three Months Ended May 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2020 sales revenue, net			$	144,942																	$	231,393					$	376,335
Core business			(4,314)																		50,257						45,943
Non-Core business (Personal Care)			—																		(1,443)						(1,443)
Change in sales revenue, net			(4,314)																		48,814						44,500
Fiscal 2021 sales revenue, net			$	140,628																	$	280,207					$	420,835
Total net sales revenue growth (decline)			(3.0)		%																21.1		%				11.8		%
Core business			(3.0)		%																21.7		%				12.2		%
Non-Core business (Personal Care)			—		%																(0.6)		%				(0.4)		%

			Three Months Ended August 31,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2020 sales revenue, net			$	167,864																	$	246,131					$	413,995
Core business			33,999																		86,575						120,574
Non-Core business (Personal Care)			—																		(3,717)						(3,717)
Change in sales revenue, net			33,999																		82,858						116,857
Fiscal 2021 sales revenue, net			$	201,863																	$	328,989					$	530,852
Total net sales revenue growth (decline)			20.3		%																33.7		%				28.2		%
Core business			20.3		%																35.2		%				29.1		%
Non-Core business (Personal Care)			—		%																(1.5)		%				(0.9)		%

			Three Months Ended November 30,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2020 sales revenue, net			$	183,211																	$	291,526					$	474,737
Core business			39,189																		127,835						167,024
Non-Core business (Personal Care)			—																		(4,024)						(4,024)
Change in sales revenue, net			39,189																		123,811						163,000
Fiscal 2021 sales revenue, net			$	222,400																	$	415,337					$	637,737
Total net sales revenue growth (decline)			21.4		%																42.5		%				34.3		%
Core business			21.4		%																43.9		%				35.2		%
Non-Core business (Personal Care)			—		%																(1.4)		%				(0.8)		%

39

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Fiscal 2021 Consolidated and Segment Net Sales from Core and Non-Core Business (4)

(Unaudited) (in thousands)

			Three Months Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2020 sales revenue, net			$	144,948																	$	297,417					$	442,365
Core business			17,515																		54,303						71,818
Non-Core business (Personal Care)			—																		(4,808)						(4,808)
Change in sales revenue, net			17,515																		49,495						67,010
Fiscal 2021 sales revenue, net			$	162,463																	$	346,912					$	509,375
Total net sales revenue growth (decline)			12.1		%																16.6		%				15.1		%
Core business			12.1		%																18.3		%				16.2		%
Non-Core business (Personal Care)			—		%																(1.6)		%				(1.1)		%

			Fiscal Year Ended Last Day of February,
			Home & Outdoor																		Beauty & Wellness						Total
Fiscal 2020 sales revenue, net			$	640,965																	$	1,066,467					$	1,707,432
Core business			86,389																		318,970						405,359
Non-Core business (Personal Care)			—																		(13,992)						(13,992)
Change in sales revenue, net			86,389																		304,978						391,367
Fiscal 2021 sales revenue, net			$	727,354																	$	1,371,445					$	2,098,799
Total net sales revenue growth (decline)			13.5		%																28.6		%				22.9		%
Core business			13.5		%																29.9		%				23.7		%
Non-Core business (Personal Care)			—		%																(1.3)		%				(0.8)		%

40

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Reconciliation of Non-GAAP Financial Measures – Fiscal 2023 GAAP Operating Income and Operating Margin to Adjusted Operating Income and Adjusted Operating Margin (Non-GAAP) (7)

(Unaudited) (in thousands)

			Three Months Ended May 31, 2022
			Home & Outdoor (2)																								Beauty & Wellness (3)												Total
Operating income, as reported (GAAP)			$	29,793					12.7		%																												$	4,146					1.5		%				$	33,939					6.7		%
Acquisition-related expenses			78						—		%																												2,676						1.0		%				2,754						0.5		%
EPA compliance costs			—						—		%																												11,644						4.3		%				11,644						2.3		%
Restructuring charges			—						—		%																												2						—		%				2						—		%
Subtotal			29,871						12.8		%																												18,468						6.7		%				48,339						9.5		%
Amortization of intangible assets			1,746						0.7		%																												2,615						1.0		%				4,361						0.9		%
Non-cash share-based compensation			5,998						2.6		%																												10,621						3.9		%				16,619						3.3		%
Adjusted operating income (non-GAAP)			$	37,615					16.1		%																												$	31,704					11.6		%				$	69,319					13.6		%

			Three Months Ended August 31, 2022
			Home & Outdoor (2)																								Beauty & Wellness (3)												Total
Operating income, as reported (GAAP)			$	42,082					17.5		%																												$	4,864					1.7		%				$	46,946					9.0		%
Acquisition-related expenses			41						—		%																												(11)						—		%				30						—		%
EPA compliance costs			—						—		%																												8,354						3.0		%				8,354						1.6		%
Restructuring charges			472						0.2		%																												4,304						1.5		%				4,776						0.9		%
Subtotal			42,595						17.7		%																												17,511						6.2		%				60,106						11.5		%
Amortization of intangible assets			1,753						0.7		%																												2,896						1.0		%				4,649						0.9		%
Non-cash share-based compensation			2,640						1.1		%																												4,855						1.7		%				7,495						1.4		%
Adjusted operating income (non-GAAP)			$	46,988					19.5		%																												$	25,262					9.0		%				$	72,250					13.9		%

			Three Months Ended November 30, 2022
			Home & Outdoor (2)																								Beauty & Wellness (3)												Total
Operating income, as reported (GAAP)			$	30,847					13.5		%																												$	46,346					14.1		%				$	77,193					13.8		%
Acquisition-related expenses			(2)						—		%																												2						—		%				—						—		%
EPA compliance costs			—						—		%																												2,103						0.6		%				2,103						0.4		%
Gain from insurance recoveries			—						—		%																												(9,676)						(2.9)		%				(9,676)						(1.7)		%
Restructuring charges			5,090						2.2		%																												5,373						1.6		%				10,463						1.9		%
Subtotal			35,935						15.7		%																												44,148						13.4		%				80,083						14.3		%
Amortization of intangible assets			1,756						0.8		%																												2,896						0.9		%				4,652						0.8		%
Non-cash share-based compensation			2,169						0.9		%																												5,772						1.8		%				7,941						1.4		%
Adjusted operating income (non-GAAP)			$	39,860					17.4		%																												$	52,816					16.0		%				$	92,676					16.6		%

 

41

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SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Reconciliation of Non-GAAP Financial Measures – Fiscal 2022 GAAP Operating Income and Operating Margin to Adjusted Operating Income and Adjusted Operating Margin (Non-GAAP) (7)

(Unaudited) (in thousands)

			Three Months Ended May 31, 2021
			Home & Outdoor																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	27,143					14.0		%																												$	37,692					10.8		%				$	64,835					12.0		%
EPA compliance costs			—						—		%																												13,112						3.8		%				13,112						2.4		%
Restructuring charges			—						—		%																												6						—		%				6						—		%
Subtotal			27,143						14.0		%																												50,810						14.6		%				77,953						14.4		%
Amortization of intangible assets			518						0.3		%																												2,465						0.7		%				2,983						0.6		%
Non-cash share-based compensation			5,551						2.9		%																												8,469						2.4		%				14,020						2.6		%
Adjusted operating income (non-GAAP)			$	33,212					17.2		%																												$	61,744					17.8		%				$	94,956					17.5		%

			Three Months Ended August 31, 2021
			Home & Outdoor																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	41,921					19.5		%																												$	25,370					9.8		%				$	67,291					14.2		%
EPA compliance costs			—						—		%																												2,960						1.1		%				2,960						0.6		%
Restructuring charges			369						0.2		%																												—						—		%				369						0.1		%
Subtotal			42,290						19.6		%																												28,330						10.9		%				70,620						14.9		%
Amortization of intangible assets			519						0.2		%																												2,467						0.9		%				2,986						0.6		%
Non-cash share-based compensation			3,157						1.5		%																												4,623						1.8		%				7,780						1.6		%
Adjusted operating income (non-GAAP)			$	45,966					21.4		%																												$	35,420					13.6		%				$	81,386					17.1		%

			Three Months Ended November 30, 2021
			Home & Outdoor																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	43,239					17.6		%																												$	46,801					12.4		%				$	90,040					14.4		%
Acquisition-related expenses			1,605						0.7		%																												—						—		%				1,605						0.3		%
EPA compliance costs			—						—		%																												4,926						1.3		%				4,926						0.8		%
Restructuring charges			—						—		%																												5						—		%				5						—		%
Subtotal			44,844						18.2		%																												51,732						13.7		%				96,576						15.5		%
Amortization of intangible assets			525						0.2		%																												2,469						0.7		%				2,994						0.5		%
Non-cash share-based compensation			2,339						1.0		%																												4,210						1.1		%				6,549						1.0		%
Adjusted operating income (non-GAAP)			$	47,708					19.4		%																												$	58,411					15.4		%				$	106,119					17.0		%

42

---

SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Reconciliation of Non-GAAP Financial Measures – Fiscal 2021 GAAP Operating Income and Operating Margin to Adjusted Operating Income and Adjusted Operating Margin (Non-GAAP) (7)

(Unaudited) (in thousands)

			Three Months Ended May 31, 2020
			Home & Outdoor																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	23,233					16.5		%																												$	33,746					12.0		%				$	56,979					13.5		%
Restructuring charges			238						0.2		%																												95						—		%				333						0.1		%
Subtotal			23,471						16.7		%																												33,841						12.1		%				57,312						13.6		%
Amortization of intangible assets			498						0.4		%																												3,976						1.4		%				4,474						1.1		%
Non-cash share-based compensation			3,421						2.4		%																												5,870						2.1		%				9,291						2.2		%
Adjusted operating income (non-GAAP)			$	27,390					19.5		%																												$	43,687					15.6		%				$	71,077					16.9		%

			Three Months Ended August 31, 2020
			Home & Outdoor																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	45,403					22.5		%																												$	53,872					16.4		%				$	99,275					18.7		%
Restructuring charges			25						—		%																												9						—		%				34						—		%
Subtotal			45,428						22.5		%																												53,881						16.4		%				99,309						18.7		%
Amortization of intangible assets			520						0.3		%																												4,032						1.2		%				4,552						0.9		%
Non-cash share-based compensation			1,891						0.9		%																												2,733						0.8		%				4,624						0.9		%
Adjusted operating income (non-GAAP)			$	47,839					23.7		%																												$	60,646					18.4		%				$	108,485					20.4		%

			Three Months Ended November 30, 2020
			Home & Outdoor																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	37,658					16.9		%																												$	63,051					15.2		%				$	100,709					15.8		%
Restructuring charges			(12)						—		%																												—						—		%				(12)						—		%
Subtotal			37,646						16.9		%																												63,051						15.2		%				100,697						15.8		%
Amortization of intangible assets			523						0.2		%																												3,978						1.0		%				4,501						0.7		%
Non-cash share-based compensation			2,712						1.2		%																												4,027						1.0		%				6,739						1.1		%
Adjusted operating income (non-GAAP)			$	40,881					18.4		%																												$	71,056					17.1		%				$	111,937					17.6		%

43

---

SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Reconciliation of Non-GAAP Financial Measures – Fiscal 2021 GAAP Operating Income and Operating Margin to Adjusted Operating Income and Adjusted Operating Margin (Non-GAAP) (7)

(Unaudited) (in thousands)

			Three Months Ended February 28, 2021
			Home & Outdoor																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	16,193					10.0		%																												$	8,332					2.4		%				$	24,525					4.8		%
Asset impairment charges			—						—		%																												8,452						2.4		%				8,452						1.7		%
Restructuring charges			(2)						—		%																												(3)						—		%				(5)						—		%
Subtotal			16,191						10.0		%																												16,781						4.8		%				32,972						6.5		%
Amortization of intangible assets			514						0.3		%																												3,602						1.0		%				4,116						0.8		%
Non-cash share-based compensation			2,254						1.4		%																												3,510						1.0		%				5,764						1.1		%
Adjusted operating income (non-GAAP)			$	18,959					11.7		%																												$	23,893					6.9		%				$	42,852					8.4		%

			Fiscal Year Ended February 28, 2021
			Home & Outdoor																								Beauty & Wellness												Total
Operating income, as reported (GAAP)			$	122,487					16.8		%																												$	159,001					11.6		%				$	281,488					13.4		%
Asset impairment charges			—						—		%																												8,452						0.6		%				8,452						0.4		%
Restructuring charges			249						—		%																												101						—		%				350						—		%
Subtotal			122,736						16.9		%																												167,554						12.2		%				290,290						13.8		%
Amortization of intangible assets			2,055						0.3		%																												15,588						1.1		%				17,643						0.8		%
Non-cash share-based compensation			10,278						1.4		%																												16,140						1.2		%				26,418						1.3		%
Adjusted operating income (non-GAAP)			$	135,069					18.6		%																												$	199,282					14.5		%				$	334,351					15.9		%

 

44

---

SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Reconciliation of Non-GAAP Financial Measures – Fiscal 2023 GAAP Operating Income to

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and

Adjusted EBITDA (Non-GAAP) (7)

(Unaudited) (in thousands)

			Three Months Ended May 31, 2022
			Home & Outdoor (2)																		Beauty & Wellness (3)						Total
Operating income, as reported (GAAP)			$	29,793																	$	4,146					$	33,939
Depreciation and amortization			4,495																		6,003						10,498
Non-operating income, net			—																		67						67
EBITDA (non-GAAP)			34,288																		10,216						44,504
Add: Acquisition-related expenses			78																		2,676						2,754
EPA compliance costs			—																		11,644						11,644
Restructuring charges			—																		2						2
Non-cash share-based compensation			5,998																		10,621						16,619
Adjusted EBITDA (non-GAAP)			$	40,364																	$	35,159					$	75,523

			Three Months Ended August 31, 2022
			Home & Outdoor (2)																		Beauty & Wellness (3)						Total
Operating income, as reported (GAAP)			$	42,082																	$	4,864					$	46,946
Depreciation and amortization			4,493																		6,626						11,119
Non-operating income, net			—																		113						113
EBITDA (non-GAAP)			46,575																		11,603						58,178
Add: Acquisition-related expenses			41																		(11)						30
EPA compliance costs			—																		8,354						8,354
Restructuring charges			472																		4,304						4,776
Non-cash share-based compensation			2,640																		4,855						7,495
Adjusted EBITDA (non-GAAP)			$	49,728																	$	29,105					$	78,833

			Three Months Ended November 30, 2022
			Home & Outdoor (2)																		Beauty & Wellness (3)						Total
Operating income, as reported (GAAP)			$	30,847																	$	46,346					$	77,193
Depreciation and amortization			4,716																		6,997						11,713
Non-operating income, net			—																		5						5
EBITDA (non-GAAP)			35,563																		53,348						88,911
Add: Acquisition-related expenses			(2)																		2						—
EPA compliance costs			—																		2,103						2,103
Gain from insurance recoveries			—																		(9,676)						(9,676)
Restructuring charges			5,090																		5,373						10,463
Non-cash share-based compensation			2,169																		5,772						7,941
Adjusted EBITDA (non-GAAP)			$	42,820																	$	56,922					$	99,742

45

---

SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Reconciliation of Non-GAAP Financial Measures – Fiscal 2022 GAAP Operating Income to

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and

Adjusted EBITDA (Non-GAAP) (7)

(Unaudited) (in thousands)

			Three Months Ended May 31, 2021
			Home & Outdoor																		Beauty & Wellness						Total
Operating income, as reported (GAAP)			$	27,143																	$	37,692					$	64,835
Depreciation and amortization			2,548																		6,165						8,713
Non-operating income, net			—																		102						102
EBITDA (non-GAAP)			29,691																		43,959						73,650
Add: EPA compliance costs			—																		13,112						13,112
Restructuring charges			—																		6						6
Non-cash share-based compensation			5,551																		8,469						14,020
Adjusted EBITDA (non-GAAP)			$	35,242																	$	65,546					$	100,788

			Three Months Ended August 31, 2021
			Home & Outdoor																		Beauty & Wellness						Total
Operating income, as reported (GAAP)			$	41,921																	$	25,370					$	67,291
Depreciation and amortization			2,815																		5,913						8,728
Non-operating income, net			—																		31						31
EBITDA (non-GAAP)			44,736																		31,314						76,050
Add: EPA compliance costs			—																		2,960						2,960
Restructuring charges			369																		—						369
Non-cash share-based compensation			3,157																		4,623						7,780
Adjusted EBITDA (non-GAAP)			$	48,262																	$	38,897					$	87,159

			Three Months Ended November 30, 2021
			Home & Outdoor																		Beauty & Wellness						Total
Operating income, as reported (GAAP)			$	43,239																	$	46,801					$	90,040
Depreciation and amortization			2,894																		5,747						8,641
Non-operating income, net			—																		52						52
EBITDA (non-GAAP)			46,133																		52,600						98,733
Add: Acquisition-related expenses			1,605																		—						1,605
EPA compliance costs			—																		4,926						4,926
Restructuring charges			—																		5						5
Non-cash share-based compensation			2,339																		4,210						6,549
Adjusted EBITDA (non-GAAP)			$	50,077																	$	61,741					$	111,818

46

---

SUPPLEMENTAL RECAST SEGMENT FINANCIAL INFORMATION

Reconciliation of Non-GAAP Financial Measures – Fiscal 2021 GAAP Operating Income to

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and

Adjusted EBITDA (Non-GAAP) (7)

(Unaudited) (in thousands)

			Three Months Ended May 31, 2020
			Home & Outdoor																		Beauty & Wellness						Total
Operating income, as reported (GAAP)			$	23,233																	$	33,746					$	56,979
Depreciation and amortization			2,122																		7,018						9,140
Non-operating income, net			—																		236						236
EBITDA (non-GAAP)			25,355																		41,000						66,355
Add: Restructuring charges			238																		95						333
Non-cash share-based compensation			3,421																		5,870						9,291
Adjusted EBITDA (non-GAAP)			$	29,014																	$	46,965					$	75,979

			Three Months Ended August 31, 2020
			Home & Outdoor																		Beauty & Wellness						Total
Operating income, as reported (GAAP)			$	45,403																	$	53,872					$	99,275
Depreciation and amortization			2,250																		7,086						9,336
Non-operating income, net			—																		111						111
EBITDA (non-GAAP)			47,653																		61,069						108,722
Add: Restructuring charges			25																		9						34
Non-cash share-based compensation			1,891																		2,733						4,624
Adjusted EBITDA (non-GAAP)			$	49,569																	$	63,811					$	113,380

			Three Months Ended November 30, 2020
			Home & Outdoor																		Beauty & Wellness						Total
Operating income, as reported (GAAP)			$	37,658																	$	63,051					$	100,709
Depreciation and amortization			2,371																		7,148						9,519
Non-operating income, net			—																		93						93
EBITDA (non-GAAP)			40,029																		70,292						110,321
Add: Restructuring charges			(12)																		—						(12)
Non-cash share-based compensation			2,712																		4,027						6,739
Adjusted EBITDA (non-GAAP)			$	42,729																	$	74,319					$	117,048

47

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HELEN OF TROY LIMITED AND SUBSIDIARIES

Notes to Press Release

(1)Organic business refers to net sales revenue associated with product lines or brands after the first twelve months from the date the product line or brand is acquired, excluding the impact that foreign currency remeasurement had on reported net sales revenue. Net sales revenue from internally developed brands or product lines is considered Organic business activity.

(2)On December 29, 2021, we completed the acquisition of Osprey. As such, the three months ended February 28, 2022 and fiscal 2022 include approximately nine weeks of operating results from Osprey and fiscal 2023 includes a full year of operating results. Osprey sales prior to the first annual anniversary of the acquisition are reported in Acquisition. Sales from Osprey subsequent to the first annual anniversary of the acquisition are reported in Organic business.

(3)On April 22, 2022, we completed the acquisition of Curlsmith. As such, the three months ended May 31, 2022 includes approximately six weeks of operating results from Curlsmith and fiscal 2023 includes approximately forty-five weeks of operating results. Curlsmith sales are reported in Acquisition.

(4)The Company defines Core business as strategic business that it expects to be an ongoing part of its operations, and Non-Core business as business or net assets (including net assets held for sale) that it expects to divest within a year of its designation as Non-Core.

(5)Leadership Brand net sales consists of revenue from the OXO, Hydro Flask, Osprey, Vicks, Braun, Honeywell, PUR, Hot Tools and Drybar brands.

(6)Online channel net sales revenue includes direct to consumer online net sales, net sales to retail customers fulfilling end-consumer online orders and net sales to pure-play online retailers.

(7)This press release contains non-GAAP financial measures. Adjusted Operating Income, Adjusted Operating Margin, Adjusted Effective Tax Rate, Adjusted Income, Adjusted Diluted EPS, Core and Non-Core Adjusted Diluted EPS, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Net Leverage Ratio (“Non-GAAP Financial Measures”) that are discussed in the accompanying press release or in the preceding tables may be considered non-GAAP financial information as contemplated by SEC Regulation G, Rule 100. Accordingly, the Company is providing the preceding tables that reconcile these measures to their corresponding GAAP-based measures. The Company is unable to present a quantitative reconciliation of forward-looking expected net leverage ratio to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measure without unreasonable effort or expense. In addition, the Company believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. The Company believes that these non-GAAP measures provide useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations. The Company believes that these non-GAAP financial measures, in combination with the Company’s financial results calculated in accordance with GAAP, provide investors with additional perspective regarding the impact of certain charges and benefits on applicable income, margin and earnings per share measures. The Company also believes that these non-GAAP measures facilitate a more direct comparison of the Company’s performance with its competitors. The Company further believes that including the excluded charges and benefits would not accurately reflect the underlying performance of the Company’s operations for the period in which the charges and benefits are incurred, even though such charges and benefits may be incurred and reflected in the Company’s GAAP financial results in the near future. The material limitation associated with the use of the non-GAAP measures is that the non-GAAP measures do not reflect the full economic impact of the Company’s activities. These non-GAAP measures are not prepared in accordance with GAAP, are not an alternative to GAAP financial information, and may be calculated differently than non-GAAP financial information disclosed by other companies. Accordingly, undue reliance should not be placed on non-GAAP information.

(8)Charges incurred in conjunction with EPA packaging compliance for certain products in the air filtration, water filtration and humidification categories within the Beauty & Wellness segment.

(9)Acquisition-related expenses associated with the definitive agreements to acquire Curlsmith, Osprey and Drybar Products included in SG&A.

(10)Gain from insurance recoveries on damaged inventory resulting from a severe weather-related incident that impacted a third-party warehouse facility that the Company used for the Beauty & Wellness segment.

(11)Amortization of intangible assets.

(12)Non-cash share-based compensation.

(13)Charges incurred in connection with the Company’s current restructuring plan, Project Pegasus, and its prior restructuring plan, Project Refuel, which was completed during the fourth quarter of fiscal 2022.

(14)Beginning in the fourth quarter of fiscal 2023, we included net sales revenue from the U.S. and Canada as domestic net sales revenue. Previously, we reported sales revenue from Canada within international net sales revenue. We have recast all prior period domestic and international net sales revenue presented to conform with this current presentation.

48

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(15)Accounts receivable turnover, inventory turnover and return on average equity computations use 12 month trailing net sales revenue, cost of goods sold or net income components as required by the particular measure. The current and four prior quarters' ending balances of trade accounts receivable, inventory and equity are used for the purposes of computing the average balance component as required by the particular measure.

(16)On January 23, 2020, we completed the acquisition of Drybar Products. As such, the three months ended February 28, 2020 and fiscal 2020 include approximately five weeks of operating results from Drybar Products and future fiscal years include a full year of operating results. Drybar Products sales prior to the first annual anniversary of the acquisition are reported in Acquisition. Sales from Drybar Products subsequent to the first annual anniversary of the acquisition are reported in Organic business.

(17)Free cash flow represents net cash provided by operating activities less capital and intangible asset expenditures.

(18)Net leverage ratio represents total current and long-term debt plus outstanding letters of credit, net of unrestricted cash and cash equivalents, divided by EBITDA plus non-cash charges and certain allowed addbacks, less certain non-cash income, plus the pro forma effect of acquisitions and certain pro forma run-rate cost savings for acquisitions and dispositions, as defined in our Credit Agreement.

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Exhibit 99.2 1 PARTICIPANTS Corporate Participants Jack Jancin – Senior Vice President-Corporate Business Development, Helen of Troy Ltd. Julien R. Mininberg – Chief Executive Officer & Director, Helen of Troy Ltd. Noel M. Geoffroy – Chief Operating Officer, Helen of Troy Ltd. Brian Lee Grass – Senior Vice President, Assistant Chief Financial Officer, Helen of Troy Ltd. Other Participants Robert Labick – Analyst, CJS Securities, Inc. Olivia Tong – Analyst, Raymond James Financial, Inc. Rupesh Parikh – Analyst, Oppenheimer & Co., Inc. Susan Anderson – Analyst, Canaccord Genuity LLC Peter Grom – Analyst, UBS Securities LLC MANAGEMENT DISCUSSION SECTION Operator: Greetings, and welcome to the Helen of Troy Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jack Jancin, Senior Vice President of Corporate Business Development. Thank you, Mr. Jancin. You may begin. Jack Jancin, Senior Vice President-Corporate Business Development, Helen of Troy Ltd. Thank you, operator. Good morning, everyone, and welcome to Helen of Troy’s fourth quarter fiscal 2023 earnings conference call. The agenda for the call this morning is as follows: I’ll begin with a brief discussion of forward-looking statements. Mr. Julien Mininberg, the company’s CEO; and Ms. Noel Geoffroy, the company’s COO, will comment on business performance and key accomplishments, and then provide some perspective as we begin the new fiscal year. Then Mr. Brian Grass, the company’s incoming interim CFO, will review the financials in more detail and comment about current trends and expectations for the upcoming fiscal year. Following this, we will take 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 differ materially from the actual results. This conference call may also include information that may be considered non-GAAP financial information. These non-GAAP financial measures are not an alternative to GAAP financial information and may be calculated differently than the non-GAAP financial information disclosed by other parties. 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 would like to inform all interested parties that a copy of yesterday’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

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2 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 press the Releases tab. I will now turn the conference call over to Mr. Mininberg. Julien R. Mininberg, Chief Executive Officer & Director, Helen of Troy Ltd. Thank you, Jack. Good morning, everyone, and thank you for joining us. We have a lot to share with you today. I will start with a few comments on the CEO succession plan for 2024 and recent changes at the CFO level, then turn to the business results we posted yesterday. I will also give some perspective on our outlook for fiscal 2024. Our Chief Operating Officer, Noel Geoffroy, will update you on the considerable progress we are making on Project Pegasus, provide more detail on segment performance and touch on how we are approaching our next multi-year strategic plan. Brian will comment on our fourth quarter results, financial position and on our fiscal 2024 outlook. He will also provide his perspective as he returns to Helen of Troy as our interim CFO. Per our press release yesterday, I intend to retire at the end of February 2024, when the term of my employment agreement is set to expire. The board has appointed Noel Geoffroy to succeed me as CEO. This timing provides continuity through the end of this fiscal year. March 2024 will mark the end of Phase II of Helen of Troy’s Transformation Plan, as well as 10 years in the CEO role and 34 years in the consumer products industry. It will be my turn to slow down, at least a bit, spend more time with my family and focus on some personal priorities. I will be working closely with Noel as we execute our transition plan. As it relates to my board service, the Nominating Committee will finalize the full slate of nominees for public disclosure when our proxy is filed in June. I do expect to stand for reelection at our Annual General Meeting of Shareholders, which is in August. Regarding continued board service, if I am elected, my 2020 employment agreement calls for my resignation upon retirement per standard practice. There is no current plan beyond that date. The board and I believe the company will be in excellent hands under Noel’s leadership. She has proven herself as COO, including her leadership of Pegasus, and is already providing a further step up in our brand building and go-to-market capabilities. Over the past year, she has also overseen the work of our business segment Presidents, C-level operations and IT leaders, and has been learning all aspects of Helen of Troy’s day-to-day business. She brings more than 25 years of outstanding experience across several consumer products businesses and multi-national organizations, including Sanofi Consumer Health, Kellogg’s, Heinz, and Procter & Gamble. She also brings a track record of creating growth and driving operational excellence in matrix organizations like ours, and a passion for building world- class consumer-centric brands. She has a reputation as an inspirational leader, making her a natural fit with Helen of Troy’s culture. Noel will become the third-ever CEO in Helen of Troy’s 55-year history when she takes the reins next year. The company is well positioned to deliver the next era of sustained growth. Noel is leading the development of the strategic plan for that era. As previously announced, we are pleased to welcome back Brian Grass as our interim CFO. As many of will remember, Brian has made significant contributions to the success of our company not only during his seven years as CFO but also throughout his 15-year tenure with Helen of Troy. His leadership, strategic thinking and outstanding oversight of our finances were highly valued during his many years with the company. We welcome having his business insights and leadership back at Helen of Troy while we search for a permanent CFO.

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3 I also want to thank our outgoing CFO, Matt Osberg, for his leadership and contributions to the company during his time as CFO, as well as for his service as SVP of Finance. During Matt’s seven-year tenure, he significantly strengthened our finance department into an even more capable global shared services team that will continue supporting the company moving forward. Turning now to our business results, we reported better fourth quarter performance than we expected in what has been one of the most unpredictable and challenging years in memory. Our key initiatives to improve cash flow and further strengthen our balance sheet are paying off. During the quarter, we expanded operating margin, reduced inventory to now below fiscal 2021 levels and accelerated our debt pay down. With fiscal 2023 marking the fourth year of Phase II, I believe it is helpful to give some long-term perspective. Our Core net sales grew at a 9.1% CAGR since the Phase II starting point in fiscal 2019, well ahead of the target set. Core adjusted EPS grew at a 6.8% CAGR during the same period, despite the many challenges to profitability within our industry and in the broader macro environment. In fiscal 2023, we largely completed our new 2 million square foot state-of-the-art distribution facility in Tennessee. It is now open and has begun shipping to customers. Because of its size, its expected efficiency and its substantial new capabilities, it provides an opportunity to reduce other parts of our distribution center footprint, while still providing ample capacity for organic revenue growth and acquisition. Its completion will also allow us to return to a more normalized level of capital expenditure in fiscal 2024, which we expect will further accelerate our free cash flow and our debt pay down. Turning now to Project Pegasus. We acted quickly and well beyond the belt-tightening exercise. We did this to improve efficiency and address the impacts from the major macro trends of inflation, higher interest rates and historic levels of retailer inventory rebalancing that challenged fiscal 2023. Pegasus is on track to deliver its savings objectives. Beyond the cost savings from Pegasus, we see the new organizational structure and capabilities we announced in our January call, a strategic benefit that will serve as an accelerator to top and bottom-line growth. I would now like to turn the conversation over to Noel. Noel M. Geoffroy, Chief Operating Officer, Helen of Troy Ltd. Thank you, Julien. I would like to take this opportunity to thank the company’s board, Julien, the Global Leadership Team and our worldwide associates for their confidence, trust and support. I am deeply honored to become Helen of Troy’s next CEO in 2024. With an outstanding portfolio of Leadership Brands, a passionate team and many successes during the company’s transformation, I believe we have a strong foundation for sustainable, profitable growth and long-term value creation. I look forward to working with Julien during the remainder of his tenure to foster a seamless transition. Beginning with Project Pegasus, I am pleased with the progress to date across all the workstreams. While Pegasus is a multi-year initiative, we expect significant savings benefits to begin in fiscal 2024, helping us offset some of our anticipated cost headwinds. The new capabilities from Pegasus in go-to-market structure, analytics, operations and finance are also helping us improve our top line and simplify how we work in fiscal 2024. The largest portion of Pegasus’ savings is scheduled for realization in fiscal 2025, and we intend to use that fuel to drive our value creation flywheel by investing in brilliant marketing and innovation to delight consumers and further enhancing the efficiency and effectiveness of our regional market organizations and global shared services.

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4 We continue to look for ways to accelerate the savings so we can reinvest in growth more quickly. The timing and extent of the reinvestment will depend on the future macro conditions and on the opportunities that provide the most attractive ROI. Now let me share several Pegasus’ workstream wins. The first relates to the implementation of one of the major organizational changes we announced in January, which was to create a North American Regional Market Organization or NA RMO. It captures the benefits of increased focus on sales and go-to-market in the United States and Canada across our full portfolio of brands. During the short time since its inception, this newly formed team has identified and in some cases secured significant new distribution across the company’s diversified portfolio. The NA RMO team will continue to identify and capture whitespace distribution opportunities, leverage our scale in joint business planning, and enhance our ability to win with winning customers. The second workstream win further builds excellence and standardization across our organization by centralizing all aspects of operations under our Chief of Global Operations. He now leads all sourcing and supplier relationships across the company and has created a center of excellence with a single approach to demand and supply planning to help improve forecast accuracy and inventory management. With inventory reduction a key priority for us in fiscal 2023, we exceeded our expectations. Continuing to lower inventory in fiscal 2024 will allow us to pay down our debt faster and also help us move more quickly on optimizing our distribution facility footprint. Third, we completed a comprehensive bottom-up analysis focused on optimizing our SKU offerings to meet consumer needs while improving profitability and reducing complexity. Through this process, we rationalized about 18% of our total SKUs, which we expect to enable us to reduce inventory of less profitable and less productive items, simplify our supply chain and redeploy resources to other opportunities. Importantly, we have developed [ph] an aligned methodology and automated tool (00:12:42) to institutionalize this discipline via an enhanced annual review within our business planning cycle. We have been very careful to balance these benefits with the impact on revenue and market shares. Our fiscal 2024 outlook already includes the expected revenue impact this year, and SKU rationalization is one of the drivers of the expected fiscal 2024 margin improvement. Fourth, as part of our comprehensive Pegasus plan, we are working to reduce complexity by completing our consolidation, renovation and warehouse management system upgrades. Our new Tennessee distribution center has allowed us to start simplifying our US distribution footprint as we already exited some ancillary facilities. We expect the new Tennessee distribution facility to progressively take on a larger concentration of our volume throughout fiscal 2024. Looking ahead to fiscal 2025, we have begun work on our next multi-year strategic plan to drive our future set of long-term growth ambitions. It is being built to leverage the successes of the transformation and add new elements. We see considerable opportunity to grow the business by further sharpening and investing in our diversified portfolio of brands, enhance our analytical capabilities, leverage the shared services and regional market organizations we have built around the world, and use the new efficiencies and capabilities from Pegasus to drive growth and profitability. We also expect to build on our outstanding culture, fueled by our passionate associates, and continue to make Helen of Troy an employer of choice. I am leading its development with input and guidance from Julien and we expect to share it with you before the end of this calendar year. I would like to now turn to our fourth quarter business results. Core net sales declined 16.2% and Core adjusted diluted EPS declined 19.9% in the fourth quarter. Starting with Home & Outdoor, total sales were up 0.5% in the quarter, ahead of our expectations. This included a full three months contribution from Osprey compared to two months in the prior year period. For both the quarter and the full fiscal 2023, Osprey outperformed our expectations. The brand benefited from

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5 strong e-commerce replenishment after the holiday period, the rebound in travel and good international growth compared to the prior year period. We caught up on inventory and are now much more able to meet demand compared to the fourth quarter of last year when COVID-related factory closures curtailed our supply. POS trends for Osprey were positive in the quarter, and we anticipate that our better inventory position will positively impact the brand’s performance in the three key categories of technical packs, travel packs and everyday packs in fiscal 2024. OXO continued to see POS at brick and mortar below peak prior year levels as the overall home category continued to slow. Key drivers of this were normalization of demand from COVID highs and inflationary shift in consumer spending toward necessities and services. Importantly, total POS for OXO remained solidly ahead of pre-pandemic levels, highlighting the continued desirability of the brand. Inventory in the trade is healthier with weeks on hand down significantly from a year ago for those retailers where we have visibility. We have a strong pipeline of innovation supported by engaging marketing to drive incremental sales from new categories in fiscal 2024. One example is our new refrigerator organization system, designed to bring [ph] order to your fridge (00:16:27) with smart shelf enhancers and clear modular bins to let you find food items easily, so you can enjoy them before they’re spoiled. With food prices what they are, finding more ways to save money is really resonating with consumers. Hydro Flask faced pressure in the quarter from overall softness in the insulated bottles category. Consumer preferences shifted away from bottles, where Hydro Flask is by far the leader, to tumblers, where the brand has a smaller presence. Similar to OXO, inventory in the trade is healthier. Looking ahead, we see a number of opportunities to drive sales in fiscal 2024 and beyond. The automation in our new DC gives us significantly more capabilities to customize Hydro Flask bottles, mugs and other items for direct-to-consumer, as well as corporate promotion and gifting. Consumers will also see new collections, as well as new colors and limited edition bottles. The soft coolers category also provides growth opportunity for us. We are leveraging the strong consumer reception to Hydro Flask in that category to gain additional distribution at key retailers and expect this to drive incremental sales in fiscal 2024. Turning now to Beauty & Wellness. In our Beauty portfolio, we continue to retain our strong market share position amidst the broader category decline in hair care appliances, widely reported by retailers and syndicated market measurement data. Prestige beauty remained a strong [ph] thing for us (00:17:56), with top customer point-of-sale data showing growth on Curlsmith and Drybar appliances and liquids during the quarter. Curlsmith contributed sales of $9 million, in line with raised expectations for the fourth quarter and the full year we mentioned in the January call. We expect to see continued growth in these prestige brands in fiscal 2024 behind new products like Drybar Curl Party Heated Curling Round Brush, Final Call Frizz [ph] & Static Control Mist, as well as Effortless Waves (00:18:26) from Curlsmith. We have also enhanced our investment in proven in-store events and education across both brands. In addition, we recently announced our Hot Tools brand is expanding into liquids with its new Protect & Style Collection that just launched at Ulta in fiscal [ph] 2024 (00:18:46). Heat protection and styling aids are both top consumer needs, especially for those using hair appliances. This initiative is a great example of platforming as the Hot Tools’ product formulation leverage capability from our already established prestige liquid team. Turning to our Wellness portfolio. We faced a tough comparison to strong thermometer and humidifier category demand, driven by last year’s Omicron surge and post-COVID normalization.

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6 The elevated demand we discussed in January softened and the season peaked earlier than we have seen historically. Despite overall category declines, Helen of Troy’s US market shares remained strong in thermometers, inhalants and humidifiers with the number one position among branded products in all three of these categories. Over the 12-month period covering our fiscal 2023, Vick’s is number one in total thermometry and in digital thermometry, and is also number one in the high margin inhalant category. Braun is number two in total thermometry, and number one in both ear and non-invasive thermometry. Last, on the international front, we achieved growth in net sales, driven primarily by the contribution of OXO and Osprey as replenishment orders in select brick and mortar partners made progress towards normalizing in line with POS. Braun outperformed our expectation as we were able to partially overcome continued supply shortages to help meet the increased thermometer demand in EMEA and Asia. Let me now turn the call back to Julien to discuss our fiscal 2024 key themes and outlook. Julien R. Mininberg, Chief Executive Officer & Director, Helen of Troy Ltd. Thank you, Noel. Two of the most important pieces of news in the fiscal 2024 outlook we introduced today are that we expect to deliver adjusted EPS growth in the back half of fiscal 2024 and also deliver a major increase in free cash flow. We expect to use that cash flow to accelerate debt repayment and reduce our net leverage ratio to [ph] 2 turns (00:20:50) or less by the end of fiscal 2024. We believe this amount of deleveraging so soon after acquiring Osprey and Curlsmith and so soon after building the new distribution center, would be a tremendous testimony to our value creation model. We also expect to deliver other significant wins in fiscal 2024, including operational earnings growth, expanding gross margins and expanded adjusted operating margins. As our acquisitions and Pegasus pick up steam, we expect our gross margins to increase significantly in fiscal 2024. We believe this will come from sweetening our mix with more sales from Hydro Flask, Vicks inhalants and prestige beauty liquids, in addition to the benefits from lower freight rates and SKU rationalization. Our outlook on sales, earnings and cash productivity are built on the assumption that the economy, consumers and several of our categories will continue to experience considerable macro financial pressure. Our sales assume inflation and higher interest rates will continue to challenge consumers, resulting in continued softness in many of the categories where we compete. As it relates to sales drivers, as Noel mentioned, we have expanded our distribution for fiscal 2024 and are launching a slate of new consumer-centric innovation. With retailer inventory levels healthier than last year, we expect shipments to track more closely to consumption than they did in fiscal 2023. Finally, in fiscal 2024, we will continue to advance our ESG priorities and initiatives. We have now completed key objectives under the first stage of our ESG road map, including setting our emission reduction targets. These have been approved by the Science Based Targets initiative. To support our environmental and social commitments, we are members of key packaging and recycling organizations such as the New Plastics Economy and How2Recycle, as well as supplier engagement organizations such as CDP’s Supply Chain program. In addition to our corporate initiatives, our brands continue to distinguish themselves on environmental stewardship. Those initiatives, as well as others, will be detailed in our third Annual ESG Report, which we expect to release in June. And now, I would like to turn the call over to Brian.

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7 Brian Lee Grass, Senior Vice President, Assistant Chief Financial Officer, Helen of Troy Ltd. Thank you, Julien. Good morning, everyone. It’s great to be back with everyone today. I’m looking forward to reconnecting with many of you over the coming days and weeks. I’m grateful for the opportunity to come back to Helen of Troy and work with such a dedicated team of associates and friends. I’m also grateful for the opportunities that I see in front of the company, and I intend to do everything I can to maximize them during my time here. I will touch on some of these opportunities later in my discussion of our outlook for fiscal 2024 and beyond. We just navigated a difficult year, but I believe we have emerged an even stronger, better structured and more integrated operating company poised to reaccelerate the flywheel. Before I begin, I want to recognize and thank Matt Osberg for all he has done for the company over the last seven years and for helping me transition back into the interim role. Matt, it’s hard for me to express how much I’ve appreciated your support then and now. You will be missed, but I’m proud of you and I’m happy for you and your family. With that, I would like to start with an overview of our fourth quarter results, then provide an update on Project Pegasus, and then discuss our outlook for fiscal 2024 and beyond. Before I do, please note that in line with the changes in our business structure and our financial reporting, I will be discussing results for our two reportable segments, Beauty & Wellness and Home & Outdoor. You can find recast quarterly historical financial information for the past three fiscal years on a two- segment basis in the earnings release we issued after the market closed yesterday. As Julien mentioned, the fourth quarter was above our sales and earnings expectations, with strong year-over-year margin expansion and inventory reduction ahead of our target, which contributed to better than expected cash flow. Consolidated net sales decreased 16.7%, reflecting lower consumer demand, shift in spending patterns and reduced orders from retail customers due to their inventory reduction efforts. The sales comparison was also unfavorably impacted by the pull- forward of approximately $20 million into the fourth quarter of last year as retailers accelerated orders in advance of price increases. These factors were partially offset by an increase in prestige, personal and hair care sales, customer price increases related to rising freight and product costs, as well as one additional month of Osprey sales and a three-month contribution from the Curlsmith acquisition. Stepping back to look at the full year. Fiscal 2023 Core business revenue is significantly higher than our pre-COVID base, with the three-year CAGR of 8.7%. While this includes some impact from acquisitions, it also includes remarkable macro challenges and shifts in the consumer landscape. We believe that with the work we have done related to acquisitions, divestitures, distribution capability investments, portfolio enhancement and organizational restructuring over the last three years, we have built an engine for sustained growth and operational excellence. As I will discuss later, we expect to continue to lower our leverage ratio by the end of fiscal 2024, and our recent strategic investments will largely be paid for. This will position us to use all the levers of our flywheel once again with an underlying engine that has greater horsepower. GAAP consolidated operating margin for the quarter was 11.1% of net sales, compared to 8.7% in the same period last year. We were pleased to expand adjusted operating margins by 130 basis points to 13.8%, despite unfavorable operating leverage. The primary drivers of this improvement were a decrease in incentive compensation expense, lower outbound freight costs, the favorable impact of the Curlsmith acquisition and decreased marketing expense. These factors were partially offset by the unfavorable operating leverage I just mentioned, higher inventory reserves, a less favorable product and channel mix within Home & Outdoor, and a less favorable product mix in Wellness.

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8 On a segment basis, Home & Outdoor adjusted operating margin increased 400 basis points to 17.1%, reflecting the impact of pricing actions, lower incentive compensation expense and lower inventory reserves. Adjusted operating margin for our Beauty & Wellness segment declined 90 basis points, driven by unfavorable operating leverage, higher inventory reserves, and a less favorable product mix in Wellness. Looking at the legacy Beauty and Health & Wellness businesses, both saw adjusted operating margin declines similar to the overall segment. Net income was $36.2 million or $1.50 per diluted share. Non-GAAP adjusted diluted EPS decreased 19.9% to $2.01 per diluted share, primarily due to higher interest expense and lower adjusted operating income. These factors were partially offset by lower effective tax rate and lower shares outstanding. We generated $158.7 million of operating cash flow in the quarter, a significant improvement both sequentially and year-over-year. Improvement was driven by a sequential decline in inventory of $81.3 million. Inventory at the end of fiscal 2023 was $455 million, well below our target of $500 million, despite the headwinds of lower consumer demand, significant retailer inventory corrections and our acquisitions of Osprey and Curlsmith. We expect to further lower inventory to $400 million or below by the end of fiscal 2024. On a full year basis, we generated operating cash flow of $208.2 million and free cash flow of $33.4 million as we deployed $147 million in CapEx towards our new distribution facility, which is now in operation. We ended the fiscal year with total debt of $934.4 million, a sequential decline of approximately $146 million. Our net leverage ratio improved to 2.8 times, compared to 3.1 times at the end of the third quarter. At the end of fiscal 2023, our debt covenants allowed for up to $363 million of additional debt. However, key focus for fiscal 2024 is to continue to reduce inventory, fine-tune other working capital components and use our strong cash flow to further pay down our debt. As of the end of fiscal 2023, we have significantly reduced our exposure to interest rate volatility by swapping $425 million of our outstanding variable rate debt to fixed rates that are favorable to current market rates. I will cover our fiscal 2024 free cash flow, debt and leverage expectations later in my discussion of our outlook. As Noel shared earlier, we made good progress on our Pegasus initiatives. We are using Pegasus to create greater operating efficiency, a more effective go-to-market structure, expand our margins and provide a platform to fund step-level increases in growth investments and better leverage our scale. We remain on track to achieve our fiscal 2024 total savings and timing targets, with significant additional savings expected from lower inbound freight costs. Now turning to our outlook for fiscal 2024. We expect consolidated sales between $1.965 billion and $2.015 billion in fiscal 2024. This implies a decline of 5.2% to 2.8%, which includes a year- over-year decline of $35 million or 1.7% from the removal of Bed, Bath & Beyond revenue from our outlook, and a similar sized reduction from our Pegasus SKU rationalization initiative, primarily impacting Beauty & Wellness. Our sales outlook reflects what we believe will be a continued slower economy and uncertainty in consumer spending patterns, as shoppers seek to prioritize value, especially for discretionary categories in this inflationary environment. The likelihood, timing and potential impact of a significant or prolonged recession is unknown and cannot be reasonably estimated. Therefore, it is not included in our outlook. Importantly, as Julien mentioned, we have seen some improvement in trade inventory on a sequential basis as many key retailers have reduced their inventory on hand. We do not anticipate a repeat of the significant destocking that took place last year and anticipate that sell-in will more closely match sell-through this fiscal year.

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9 Before I go into the segment expectations, I mentioned earlier that we removed any risk related to Bed, Bath & Beyond from our revenue outlook. As it relates to our balance sheet, our current accounts receivable balance is approximately $2.9 million, and our preliminary estimate of what might be considered preferential payments is approximately $1 million to $1.5 million. Turning back to our net sales outlook by segment, we expect a Home & Outdoor decline of 1.7% to growth of 1% and a Beauty & Wellness decline of 8% to 5.8%. We expect consolidated GAAP diluted EPS of $3.98 to $4.84, which includes estimated restructuring charges of $2.75 to $2.43. We expect consolidated non-GAAP adjusted diluted EPS in the range of $8.50 to $9, which implies consolidated decline of 10.1% to 4.8%. Our adjusted diluted EPS outlook includes an increase in interest and depreciation expense, totaling approximately $0.91 net of tax or a 9.6% growth headwind. At the high end of our range, we expect gross margin to expand approximately 460 basis points as we improve our overall margin mix and realize the benefit of lower commodity and inbound freight costs. We’re pleased to provide an outlook with operational earnings growth despite unfavorable operating leverage. At the high end of our range, consolidated adjusted operating income is expected to grow 2.6% and margin is expected to expand by 80 basis points. Consolidated adjusted EBITDA is expected to grow 6.3% and margin is expected to expand 150 basis points at the high end of our range, despite incremental incentive compensation expense of approximately $27 million year-over-year, which represents an 8.2% growth headwind and 135- basis-point margin headwind. Our outlook for operational earnings growth is driven by a better overall margin mix, lower commodity and inbound freight costs and cost savings from Pegasus. We expect Pegasus to be a force multiplier with benefits in fiscal 2024 to include initial cost savings, organizational and go-to- market effectiveness, more efficient and effective marketing spend, and optionality to consider opportunistic incremental growth investments during the year. We continue to expect Pegasus to generate savings of approximately $20 million in fiscal 2024, with additional savings expected from lower inbound freight and commodity costs. The benefits from inbound freight and commodity costs are generally expected to be realized in the second half of our fiscal year as we move through the cycle of turning inventory through cost of goods sold. As previously discussed, the Pegasus savings will partially offset several structural headwinds in fiscal 2024, including incremental depreciation of approximately $12 million before tax related to our new state-of-the-art distribution facility, higher annual incentive compensation expense of approximately $27 million before tax as we reinstate expected expense at target performance, and higher interest expense of approximately $15 million before tax as we annualize the increase in interest rates in fiscal 2023. This includes our expectation of an incremental rate increase of 100 basis points in fiscal 2024. We expect a fiscal 2024 GAAP effective tax rate of 19% to 21% and an adjusted effective tax rate of 13.1% to 13.2%. We do not expect a meaningful impact in fiscal 2024 from currently proposed tax legislation changes by the Biden Administration or international regulators. At this stage, it is still unclear what domestic and global tax laws will be passed, in what form and on what timing. We will continue to assess the impacts as proposed legislation is considered and keep you updated. In terms of the quarterly cadence, we expect the majority of our net sales growth to be concentrated in the third quarter of fiscal 2024. We expect net sales to decline approximately 9% to 7% in the first quarter and 7% to 5% in the second quarter. We expect adjusted diluted EPS growth to be concentrated in the third and fourth quarters of fiscal 2024 as we benefit from lower inbound freight and commodity costs, as I mentioned earlier. We also expect to realize the benefits of debt deleveraging more fully in the second half of the year.

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10 Accordingly, we expect a decline in adjusted diluted EPS of just under 30% in both the first and second quarters of fiscal 2024 with near offsetting growth in the second half of the year. We expect capital asset expenditures of between $45 million and $50 million for fiscal 2024, which includes approximately $25 million for the completion of our new distribution facility and the full installation of the state-of-the-art automation equipment. We continue to expect that the final cost of the facility and its equipment will be within our original expectations. With lower CapEx needs in fiscal 2024, we expect free cash flow to be in the range of $250 million to $270 million and our net leverage ratio, as defined in our Credit Agreement, is expected to end fiscal 2024 in the range of 2 times to 1.85 times. With the opening of our new distribution facility, we are in a position to further optimize our footprint, which we believe could unlock an additional $100 million to $125 million of cash flow that is not currently included in our outlook. Looking beyond fiscal 2024, we believe we can drive further meaningful performance improvement. Starting with Pegasus, the bulk of the savings are expected to further expand margin and fuel significant growth investments. Our new organizational structure is designed to increase focus on additional retail distribution, new product innovation, distribution facility footprint optimization, and enhanced direct-to-consumer capability. We believe our strong cash flow will allow us to continue to reduce our debt leverage and provide capital deployment optionality. In summary, turning back to fiscal 2024, we are pleased to provide an outlook that we believe is accretive to our valuation with strong free cash flow, operational earnings growth and margin expansion, despite unfavorable operating leverage in a challenging consumer environment. Our adjusted EBITDA outlook at the high end of the range implies an EV to forward EBITDA multiple of 8.4 times using Tuesday’s market capitalization and our outstanding debt at the end of fiscal 2023. Our free cash flow outlook at the high end of the range implies a forward free cash flow yield of 13.6% at Tuesday’s market capitalization. We believe these are compelling value metrics that compare favorably with our peer set and the market overall. With that, I’d like to turn it back to the operator for questions.

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11 QUESTION AND ANSWER SECTION Operator: Thank you. We will now be conducting a question-and-answer session. [Operator Instructions] Thank you. And our first question is from Bob Labick with CJS Securities. Please proceed with your question. <Q – Bob Labick – CJS Securities, Inc.>: Good morning. And lots and lots of congratulations all around, first to Julien and Noel for their respective changes, also to Brian and Matt for their moves. So big congratulations to the team there. <A – Julien Mininberg – Helen of Troy Ltd.>: Thank you, Bob. <A – Brian Grass – Helen of Troy Ltd.>: Thanks, Bob. <A – Julien Mininberg – Helen of Troy Ltd.>: Great to hear from you. We’re great to have the band together and smooth transitions all around. <Q – Bob Labick – CJS Securities, Inc.>: Absolutely. No, it’s great. So I’d love to start with that, maybe given all of the changes at CEO and CFO. And maybe talk a little bit about kind of direction, continuity and maybe if just to put her on the spot a little bit, maybe Noel, if you can give the high level overview of your vision? And then when we might learn more about Phase III, but maybe just speak globally about what you want to keep, what you want – what you might be able to tweak or enhance going forward and how we should think about these changes that we just discussed?. <A – Julien Mininberg – Helen of Troy Ltd.>: Yeah. I’ll start and then on to Noel. So thanks for the comments, first of all. And on the subject of management of change, you’ve seen us make many, many changes over the years as we transformed the company, whether it was all of the reorganizations in Phase I, a largely new management team, the creation of the GLT, all the shared services, people coming into the company, some people leaving the company at that time. And all through, we’ve been very careful to get the right balance between the change that goes with the vision and the continuity that comes with pulling the pin out of various grenades and never having them blow up. So that is the theme of the comment from me, which is the right balance. Change management, continuity, I think that the shareholders are in safe hands this time as well. We couldn’t be more thrilled with the choice for Noel, unanimously chosen by the board of directors for the succession at the end of this fiscal year and I’m very sharp to send the message to all shareholders, which is I’m fully engaged for the entire year. This is not one of these transition and head for the door and dial it down. This is 200% right through the finish line. And I’ll be here for the whole company, helping with the strategic plan development and then onward towards the retirement. With that, I’ll turn it to Noel. <A – Noel Geoffroy – Helen of Troy Ltd.>: Yeah. Hey, Bob. Thanks for your comments. Really appreciate it. As I mentioned in the remarks, we’re looking forward to the work on the next chapter of the OGSM that I’ll be leading. We’ve got some time together as a leadership team coming up very soon. But as I look at the next multi-year plan for Helen of Troy, I see great long-term growth ambitions. It starts with building on the foundations that were set during the transformation. We’ve got incredible brands. I look forward to working with the team to further sharpen and strengthen the position on each of those brands. I look forward to the fuel that Pegasus is creating to invest even more in new product development and brilliant marketing behind those great brands, and then reaping all the benefits of the organizational changes that we just made through Pegasus. We’re already seeing really positive results and opportunities from the North American RMO, from kind of rejuvenated energy in the international RMO and as well the shared services globally. So all of those areas, I think, will be

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12 important drivers of that next chapter. And it’ll all be built on the outstanding culture and passionate associates that Helen of Troy is known for. <Q – Bob Labick – CJS Securities, Inc.>: Okay. Super. And then just one big picture question, I’ll jump back in queue, as asked. But thinking globally about fiscal 2024, obviously, some nice guidance there. The question is you discussed this a little, but I’ll try to parse it out. Where are we as it relates to like normal, whatever that actually is? And I’m asking in terms of like revenue headwinds, margin headwinds, we’re facing a bunch of each in little ways. I think you said revenue should more closely track POS, but maybe that’s a little later. So where are we as it relates to normalization? How long does it take to get there? And kind of what other steps are necessary, either externally, meaning some of your customers, inventories, or freight to get back to normal or whatever or whatnot, just in terms of revenue and margins? <A – Julien Mininberg – Helen of Troy Ltd.>: Yeah. Let’s do the parsing thing. I think that’s the best way, because normal these days is awfully hard to say. I think the simplest way to look at is pre-COVID base because that’s when you had a time when there was no pandemic, the pandemic disruption of normalization, the supply chain disruption, the inflation, the interest rates. Those are all things that need to be normalized. So if you start with the pre-COVID base, as was said in our prepared remarks, if you go back to the beginning of Phase II, you’ll see where we started at fiscal 2019 or Brian gave CAGRs on a three- year basis, which is literally the start of COVID in March of 2020. So if you look at the consumers, as we mentioned in our remarks, we’re assuming that the categories will continue to come down towards that trend line. Noel in her remarks mentioned specific categories. So for example, the wellness type of categories, think of humidifiers, thermometers, air purifiers that surged during COVID. In our case, uniquely, the explosion in volumizers that we led has normalized and there are reductions in the total size of the category. So even in the bake and bread time around OXO, so the point about normalization of demand, it starts there. The trade was caught with additional inventory and they wanted to catch up on supply chain. So they’ve been destocking all through fiscal 2023. Everybody knows that it was one of the biggest headlines that was out there. In our case, we suffered from that, just like everybody else. So we’re now assuming that the trend of consumption in the categories will continue to normalize. We do expect, and it’s in our sales guidance, to see softness as that continues to happen because of the shift in buying patterns towards hard goods or discretionary goods and we’re not being aggressive in that area. When it comes to the trade, we are seeing shipments track closer to consumption in many of the retailers where we have visibility But that said, if the consumer softens, their inventory positions will come down and order less. In terms of interest rates, Brian spoke to it a bit, we are now lapping the lower interest rates of the first half of the year. So interest rates – interest expense for us is going up considerably in the first half of the year. As we bring debt down, it will be better and better. Swap helps because it doesn’t expose us to as much interest rate volatility. And then when you get into other normalization such as supply chain, we’re doing quite well. And our own inventory, I’m sure you got the news, we have been kicking butt on bringing our own inventory down. That spiked up our cash flow and helped us pay down debt much faster than we expect. So I just go through the parsing and hoping that will help you see – normal is a pretty big word when you’ve got that many moving parts. <Q – Bob Labick – CJS Securities, Inc.>: Absolutely. No, that’s very helpful. I appreciate it. I’ll jump back in queue. Thank you.

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13 Operator: Thank you. Our next question is from Olivia Tong with Raymond James. Please proceed with your question. <Q – Olivia Tong – Raymond James Financial, Inc.>: Great. Thanks. Good morning, everybody. And congratulations to Julien, Noel and everyone else. I wanted to start with a little bit, if you could help, in terms of where your market share stand, could be (00:48:52) a little bit more challenging with your categories. Appreciate what you said about the disconnect between normalcy and what we’re doing right now. So if you could just talk a little bit about your shares, that would help. And then I have a follow-up question. Thanks. <A – Noel Geoffroy – Helen of Troy Ltd.>: Yeah. Thanks, Olivia. This is Noel. I would say when we look at kind of market shares, I mean first of all, big picture as we look at shares, quarter to quarter, things are going to shift based on a lot of different factors, what’s going on with when new products are shipping in, when new planogram changes happen, et cetera. But big picture, when I look at the portfolio, I see positive share performance in areas like [our RX humsand inhalants, very positive share there where we hold a strong leadership position. We did see some positive trends in the quarter on air purifiers as we continue to rebound from EPA. We see some positives in food canisters on OXO and in water filtration. As Julien mentioned on hair appliances, the category in general has softened quite a bit, particularly in volumizers where we’re overdeveloped. And that’s where our share is a little bit mixed. We see some strength in some of our channels and in some customers. We do see a little bit of share loss there, but importantly remain by far the leader in that volumizer subsegment with the Revlon volumizer. Insulated beverages, as I mentioned in my remarks, you see the consumer shifting from bottles to tumblers. We are by far the leader in bottles with Hydro Flask. And so as the consumer has shifted over into tumblers over bottles right now, we do see some share loss there in Hydro Flask. We’ve got a lot of strong innovation in Hydro Flask coming and remain very positive on the brand, but the shift in the consumer to Tumblers right now is impacting us. And then on OXO, on kitchen gadgets, we saw some really strong share results during the COVID period as we had a lot of the category tailwinds of everyone home baking bread, et cetera, but also just OXO itself really saw some positive share gains with some of the supply availability that we have. So we are – we like what our share is in general if we look over kind of that pre-post-COVID range, but we’ve got a little bit of normalization of the share kind of coming off of that. That’s a little bit of a walk of the portfolio and kind of what we see on both sides of the ledger. <Q – Olivia Tong – Raymond James Financial, Inc.>: Great. That’s super helpful. And then, Noel, obviously you’ve been the major architect of Pegasus, so I’d imagine that you don’t assume much in terms of strategic change or a pivot from the expectations that have already been discussed with fiscal 2024. But could you talk also about that and then how you’re thinking about the portfolio as well as you touched on the opportunity for SKU rationalization and if you see any further opportunity there? <A – Noel Geoffroy – Helen of Troy Ltd.>: Yeah, I think, where you started, Olivia, is right. Pegasus has been a project since I joined Helen of Troy that I’ve been spearheading. And so, I expect that to continue. And as I mentioned in remarks, and Julien and Brian did as well, we’re pleased with the progress. We’re seeing the work streams progress in line with our expectations across a broad range of areas, particularly pleased with the organizational changes that we made. Certainly, we see some efficiency from that and that flows through in 2024, but I’m really pleased with the effectiveness gains that we’re seeing. The focus that the business units are able to put on marketing and new product development and the brands and conversely now the North American RMO on customers and looking for whitespace

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14 distribution opportunities, looking to create great joint value with our customers, I think is really gaining momentum, and I’m excited for that. I think in terms of the portfolio, we did do a lot of SKU rationalization. As I mentioned in my remarks, we did a full bottoms-up analysis of all of the SKUs across the portfolio, looking at profitability, looking at productivity, and it was a very rigorous exercise. We reduced, and it’s included in the outlook, about 18% of our SKUs, disproportionately focused on the Beauty & Wellness side, probably more Wellness as we look at it. And that’s included in our outlook. I think we’re also excited to say that we’ve taken this process and codified it, and we’ll do it on an annual basis going forward so that we have this regimen and hygiene of continuing to look at our portfolio and making the right choices as we go forward. <Q – Olivia Tong – Raymond James Financial, Inc.>: Thanks so much. Best of luck with everything. Operator: Thank you. Our next question is from Rupesh Parikh with Oppenheimer. Please proceed with your question. <Q – Rupesh Parikh – Oppenheimer & Co., Inc.>: Good morning, and thanks for taking my question. And I’ll also echo my congratulations to the team. So I guess, starting with my first question, as I look at the guidance, your Home & Outdoor and Beauty & Wellness, your sales growth expectations, or I guess declines as well, just curious if you could just give more color, what’s contributing to the bigger expectation for declines in Beauty & Wellness and Home & Outdoor, just curious how you guys are thinking about OXO and Hydro Flask for the upcoming year? <A – Julien Mininberg – Helen of Troy Ltd.>: Yeah, Rupesh, I can start. I think there’s a few – lot of puts and takes going on there. We’ll point out that there was an acceleration of orders into fiscal – the prior year, sorry, fiscal 2022 of about $20 million ahead of price increases, which is going to affect the comparison, primarily in the fourth quarter comparison there. So that’s a little bit of it. And then we called out that that’s beyond having a $35 million impact on revenue next year, because we basically assumed zero for fiscal year 2024. And then the SKU rationalization, which is about a similar size, is also weighing on the revenue comparison. So you take those three things right there, and if you were to exclude those or normalize for those, you would be in a growth situation. So that’s a little bit of it. I would say we – if you look across our Leadership Brands, many of them are growing and there’s two or three that we do not expect to grow. The biggest one that we do not expect to grow is the biggest one impacted by SKU rationalization. So that’s kind of an overall feel. I don’t know if you’re asking specific about one area or another, or you want to get more granular than that, but I would say that’s kind of an overall lay of the land with respect to why it’s a decline versus growth. <Q – Rupesh Parikh – Oppenheimer & Co., Inc.>: Okay. Great. And then maybe just one follow- up question. Just on freight, so I think you expect both, for sure, inbound freight savings. Just curious, as we look at freight, do you expect both inbound and outbound savings? And if there’s a way to quantify the benefits you expect for this year? <A – Julien Mininberg – Helen of Troy Ltd.>: Yeah, I think the outbound freight has been coming down, and that’s kind of instantly realized that that comes down, because that’s based on current shipments out of product, which – those rates come down almost immediately, and those are in SG&A and are realized immediately. The bulk of the savings that we’re referring to next year is inbound freight savings, and that takes time to cycle through cost of goods sold. And that’s why it’s a back half weighted tailwind for fiscal year 2024.

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15 <Q – Rupesh Parikh – Oppenheimer & Co., Inc.>: Thank you. I’ll pass it along. Operator: Thank you. Our next question is from Susan Anderson with Canaccord Genuity. Please proceed with your question. <Q – Susan Anderson – Canaccord Genuity LLC>: Hi. Good morning. Thanks for all the details today. And let me say my congrats also to the team on the new opportunities. Just on, I guess, looking out this year with the Pegasus savings, the $20 million, and then you just talked about maybe some freight tailwinds, I’m curious if there’s anything else also that’s going to be a driver this year, just considering all of the headwinds going on and Pegasus not fully offsetting that that we’re not thinking about. <A – Julien Mininberg – Helen of Troy Ltd.>: Yeah. Hi, Susan. Thanks and thanks for the comments [indiscernible] (00:58:00) we’re excited about the change and also the changed management. In the case of the exciting growth drivers, they’re huge. Let’s just get into them a little bit. Start at the gross margin line, 460 bps of expansion, that’s huge. Brian mentioned it. Between his remarks and mine and Noel’s, we detailed a bit. There’s going to be a mix improvement that’s significant. It comes first from the acquisition of prestige liquids, which has been coming up for some time and between Drybar, which continues to grow, and now Curlsmith, which will be one of the fastest growing parts of the company in fiscal 2024 after being a fast grower in fiscal 2023. It’s the reigning champion of gross margin in this company. The other champions, by the way, Hydro Flask, Drybar and the inhalants on the Vicks side are all well above our fleet average, all expected to grow in fiscal 2024 and that’s the 460 bps. So that’s the big fat deal. The other comment is cash flow and this really gets to the ability to get down inventory, take that gross margin, run it through an expense set that we’re also attacking with Pegasus and making ourselves not only more efficient but as Noel mentioned, able to grow faster in the future. This is the magic of Pegasus through the creation of the North American RMO and some work has been done on the brand building side. You put all this together, probably in 2025, you’ll get that acceleration, but you get the cash flow now. You also get EBIT expansion in terms of margin and you get operating margin expansion. So that’s why the math works. Remember, all of this also overcomes about $1.79 of combined effect of putting the bonus back to target, absorbing the year-over-year interest expense as well as the depreciation hurdle that goes up for the new distribution center. So that’s the moving parts and that’s why it’s exciting for 2024. As I mentioned down in Florida, you don’t have to wait for 2025 to get the win now. <A – Brian Grass – Helen of Troy Ltd.>: And I’ll just add a little bit there. Julien gave a couple specific examples on margin and mixed drivers. I’ll just say as a general rule, we’re expecting growth in our highest margin businesses overall. So it’s not just the examples, it’s kind of the trend for next year. We see growth in the businesses that have the best margins. So that’s giving us good lift. <A – Noel Geoffroy – Helen of Troy Ltd.>: And we prioritized our spend against these things. It was a purposeful look. That was some of the portfolio work we did was to say, how do we lean in to those parts of the business that we think we have great margins, but also great growth potential, like prestige beauty, outdoor, et cetera. <Q – Susan Anderson – Canaccord Genuity LLC>: Great. That’s all very helpful. Thanks so much. Also, if I could ask maybe just a little bit on some color on the sell-in versus sell-through in the quarter. I think you said you expect it to be more normalized this year. So I’m just curious if we’re there yet or there’s still kind of some work to do in the first half of this year.

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16 <A – Noel Geoffroy – Helen of Troy Ltd.>: Yeah. You know what, I think as a couple of us said in the prepared remarks, we are seeing sell-in and sell-out track more closely together. All of it always depends on what the consumer consumption patterns look like, and then retailers’ inventory levels will follow suit from there. And we are seeing softness in many of our categories as the consumer is spending more of their money on staples, services, less on some of these discretionary categories. So it’s hard to say what’s going to come, but I would say we definitely, in quarter four, saw a closer tracking in the retailers we have visibility in of sell-in and sell-out. So we don’t expect to have such a dramatic impact as what we had in the past fiscal year. <Q – Susan Anderson – Canaccord Genuity LLC>: Okay. Great. <A – Julien Mininberg – Helen of Troy Ltd.>: And you may be thinking that we’re being extra conservative in our sales guidance. No, we were very careful in our remarks. We are expecting pressure in the economy, on the consumer. Those consumer balance sheets from COVID, if the original $2 trillion or $3 trillion is coming down to less than $1 trillion and , interest rates going up, that will – inflation, all that speech, that’s pressure. Consumers in discretionary categories are buying less. We expect our categories to normalize, per the comments with Bob. So the comments that Noel just made are not some huge tailwind sales that you should expect, it’s in that forecast on a year-over-year basis. So we don’t see a lot of positive in terms of the consumer uplift, and we have not built one in, nor have we built in a recession. This is just, to use Bob’s own word, there’s a bit of normalization on the subject of trade inventories since that’s a specific area that you’re talking about. <Q – Susan Anderson – Canaccord Genuity LLC>: Okay. Great. That’s helpful. And then just really quick on the beauty category, I’m curious, are you seeing any difference in consumer purchases between, say, like the higher-end tools, like a Drybar versus like a Revlon? And then I’m curious if there’s any color you could give on the new tools that you guys put into Walmart, and then also any early reads on Hot Tools liquids so far? <A – Noel Geoffroy – Helen of Troy Ltd.>: Yeah. So overall, I would say the prestige beauty part of our business is performing well. We talked about that and we foresee that continuing into 2024. So Drybar, Curlsmith, kind of falling into that realm. I would say Revlon, we did get some new distribution on some of the opening price point, kind of non- volumizer parts of Revlon in retailers, mass retailers that we think will help us there. That’s where we see consumers trading down more. They’re not spending as much on a higher end, more expensive appliance like a volumizer. As Julien mentioned, that subcategory is kind of normalizing. So we’re pleased to get some other Revlon tools back into some of our mass retailer customers as we look into 2024. Hot Tools liquids is a new launch for us in Ulta that I mentioned. We’re excited about it. Very, very early days, but I can say that the merchandising looks great. Our team was in Chicago at the Ulta show recently and a lot of really positive buzz on Hot Tools liquids. So we’re excited about it. Great product and really excited that we were able to leverage some of our expertise and experience in liquids from the prestige side to develop a great line. <Q – Susan Anderson – Canaccord Genuity LLC>: Great. Thanks so much you guys. Good luck the rest of the year. <A – Julien Mininberg – Helen of Troy Ltd.>: Thank you. Operator: Thank you. Our next question is from Peter Grom with UBS. Please proceed with your question.

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17 <Q – Peter Grom – UBS Securities LLC>: Thanks. And thanks, operator. And good morning, everyone. And I want to extend my congratulations to the team as well. So my question is – my first question is on balance, and maybe more specifically how you think about the savings from Project Pegasus. So Noel, in your prepared remarks, you discussed reinvestment, you discussed brand building. But as you think about the savings that are expected to build over the next three years, how would you frame reinvestment versus flow-through? <A – Noel Geoffroy – Helen of Troy Ltd.>: Yeah, I – you know what I would say is as we kind of pick up steam, particularly in fiscal 2025 with where the bulk of the Pegasus savings come, our aim is to flow some through to the bottom line, but also to have some to reinvest back into the brands and into the business. As those savings come in, we’ll assess how to balance those two things, but we really look to be able to do both. We see the opportunity to expand margins and reinvest back into the business. I talked about in my prepared remarks, we continue to look for opportunities to accelerate the savings. If we see that happening, if we see savings coming in faster than expected, or if we see our results performing on the top line better than expected, we’ll spend into success. We’ll look to reinvest and fuel growth on what we consider to be the highest potential opportunities. <A – Brian Grass – Helen of Troy Ltd.>: Peter, I’d just add a little bit because I’ve got history of what we kind of used to do before, and maybe I look at it slightly different now coming back. So before we kind of used this 50/50 approach where we dropped 50 to the bottom line and reinvest 50. I would say, right now, I personally am leaning, and I think Noel and the organization are leaning towards, maybe fade to the side of putting more towards growth. So maybe it’s the 60/40 or 70/30, I don’t know. And I think Noel’s comment is spot on that as we overperform, hopefully, we’re not promising that, but if we overperform, taking a disproportionate amount of that and putting it back into growth investments. So I think the mindset is definitely towards growth, and you’ll see a change, hopefully, in how we invest in that and a disproportionate weighting towards growth. I think I’m also encouraged by the structural changes and the better leveraging of scale across all our brands in terms of the spend. So I think another benefit is going to be more cost effective spending, because we’ve restructured the organization and we’re going to leverage our scale better in that regard. So hopefully you see there’s multiple benefits in there. We think growth investment at a higher level and also more cost effective. <Q – Peter Grom – UBS Securities LLC>: No, that’s really helpful. And maybe just building on that, right, just the balance expected in 2020 or fiscal 2025. And I know we’re a long way away from that. But when you think about kind of the long-term earnings recovery here, I mean, I guess, how would you frame the exit rate embedded in the earnings outlook of call it 20% to 30% growth, as you think about how quickly you can get back to where you were from an earnings perspective prior to all the disruption over the last 18 months? <A – Brian Grass – Helen of Troy Ltd.>: It depends a bit on the consumer. Let’s start there. This is a consumer-driven company and the comments about categories and normalization. Assuming the normalization thing that was talked with Bob earlier, occurs pretty much as we’ve predicted, which is they’ll come down to the pre-COVID trends, not the pre-COVID levels, to be clear, but the pre-COVID trend lines. So normal growth from there, think of the classic GDP, 2% to 3% trend during the COVID years, as if COVID never happened. That’s what I meant. But the point is, as the consumer goes, so will go the answer to your question about how quickly we can reaccelerate. Excuse me. The beauty of Pegasus, as Noel mentioned, this is not just cost savings, but the sharpening of the go to market and the branding side, plus the extra investment on the innovation side and the structural changes around, for example, the North American RMO and the consolidation into operations more broadly, gives us an ability to just get more growth. And that’s very helpful, has nothing to do with savings. So I think it – that’s really the answer in my view. I will

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18 say, though, that the reinvestment – I’m talking about flywheel aspect, we won’t be shy. As we have the opportunities, we will make them happen. And the team is chomping at the bit on the topic, which is the point about spending into success as soon as we have the availability and the consumer is willing. In terms of the reacceleration, in the new strategic plan, once we roll that out, Noel mentioned that will come later this calendar year, we’ll try to put new long-term targets out there to get you a quantitative answer to the way we see it over the next couple of years. <Q – Peter Grom – UBS Securities LLC>: Thank you. Thank you all for that and best of luck moving forward. <A – Julien Mininberg – Helen of Troy Ltd.>: Yeah. And by the way, Peter, welcome. I think it’s the first time with you officially having initiated guidance on Helen of Troy. And so we’re thrilled to have you covering the company. <Q – Peter Grom – UBS Securities LLC>: Thanks, Julien. I appreciate it. Operator: Thank you. This concludes our Q&A session. I would like to turn the floor back over to Julien Mininberg, CEO, for closing comments. Julien R. Mininberg, Chief Executive Officer & Director, Helen of Troy Ltd. Yes, thank you, operator. Thank you all for the interest and the support. We’re thrilled with your comments as we make important transitions over the course of fiscal 2024. And this is a transition year in all the ways that we talk. I think the numbers, frankly, speak for themselves. It’s very good to see some of the narratives that are out in the marketplace just getting crossed off for what they are, which is one by one, we are doing exactly what we said. It’s our intention to remain consistent. So we very much appreciate the support. We look forward to seeing many of you in-person next week and virtually over the coming weeks. With that, operator, all set on our end. Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.

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