Edgewell Personal Care Company today announced results for its third fiscal quarter 2023 ended June 30, 2023.
 
Net sales were $650.0 million in the quarter, an increase of 4.2%, including a $1.7 million unfavorable impact from currency movements. Organic net sales increased 4.5%, as international markets increased 8.7%, driven by strong Wet Shave, Sun Care and Grooming performance and North America markets increased 2.3%, driven by Sun Care and Grooming growth. In aggregate, growth in organic net sales was driven by increased pricing.
 
Sun and skincare net sales increased $28.7 million, or 13.3%. Organic net sales increased $28.1 million, or 13.0%, driven by strong growth across Sun Care, Men’s Grooming and Wet One’s.  Organic net sales in International markets increased 21.0%, led by strong Sun Care demand in Latin America and Europe and higher pricing, while in North America, organic net sales increased 11.3%, driven by price and volume gains. Segment profit increased $14.5 million, or 31.1%. Organic segment profit increased $14.7 million, or 31.5%, primarily driven by higher organic net sales and gross profit and lower marketing expense.
 
“Our results this quarter continued to demonstrate the success of our transformation, as we delivered strong organic net sales and earnings per share growth, expanded gross margin and generated substantial cash,” said Rod Little, Edgewell’s President and Chief Executive Officer. “These results reflect the underlying strength of our business, our broad portfolio of consumer centric brands, and the breadth of our global business.”

Full Fiscal 2023 Financial Outlook

The company provided the following updated outlook assumptions for fiscal 2023:
 

• Reported net sales are expected to increase slightly above the mid-point of the range of 2% to 4%.
• Organic net sales are now expected to increase slightly above the mid-point of the range of 3% to 5% (previously high end of the range).

 
Little explained, “While the macro environment remains uncertain, and our Sun Care business has been impacted by unfavorable weather, we are on track to deliver our third consecutive year of 4% organic net sales growth, and Adjusted EPS and Adjusted EBITDA at or above the high end of our previously provided outlook ranges. Notably, we remain focused on executing against our strategic priorities which position us to deliver sustained growth and value creation.”