Owner of direct-to-consumer brands including Hydro Flask, Drybar and Vicks, Helen of Troy announced it will reduce its global workforce by about 10 per cent.
The decision came after the company’s latest earnings decreased in discretionary spending from consumers which impacted all its product categories.
Helen of Troy said its net sales were impacted by a variety of factors, including lower consumer demand, shifts in consumer spending patterns, and reduced orders from retail customers.
As per reports, Chief Executive Officer Julien Mininberg said inventory levels were now below what they were at the end of last fiscal year. The numbers dropped from $585.8 million to $536.8 million year over year.