Edgewell Personal Care Company today announced that net sales for the first quarter of fiscal year 2022 were $463.3 million, reflecting an increase of 2.7% from the prior-year quarter. 

 

This includes a net $6.8 million or 1.5% impact from the acquisition of Billie and a $5.9 million or 1.3% negative impact from currency.  

 

Edgewell also ended the first quarter with $240 million in cash on hand, access to an additional $221 million revolving credit facility, and a net debt leverage ratio of 3.3x.

 

The company also returned $33 million to shareholders through share repurchases and dividends in the first quarter. The move, according to Rod Little, Edgewell’s president and chief executive officer, reflects the company’s commitment to a “disciplined and balanced approach to capital allocation to drive long-term shareholder value.” 

 

“During the first quarter, we capitalized on the strength of the underlying demand for our products and delivered strong organic net sales growth in all three segments and across most major geographic regions,” said Little. “We also executed well on the bottom line, despite a progressively challenging macro environment, with significant cost pressures and increasingly volatile supply chain conditions. We remain focused on our strategic priorities that are critical to the ongoing transformation of our business. In the quarter, we continued the integration efforts of Billie and, and earlier this month, began supporting the exciting national rollout of the Billie brand in Walmart.” 

 

Organic net sales increased 2.5%, reflecting a combination of higher pricing and volume growth across the wet shave, sun care and feminine care businesses, partly offset by lower sales volumes in Wet One's. 

 

Wet shave net sales increased $7.0 million, or 2.5%. Organic net sales increased $6.0 million or 2.1%, driven by growth in women's systems and disposables, partly offset by declines in men's systems, primarily in North America and shave preps, which were negatively impacted by supply chain issues and out of stocks. Wet shave segment profit decreased $1.1 million, or 2.1%, as higher sales were offset by the negative effect of inflationary pressures and higher A&P spending, including the impact from the Billie acquisition, and unfavorable currency translation.

 

Sun and skin care net sales increased $1.8 million, or 1.7%. Organic net sales increased $2.0 million, or 1.9%, primarily driven by sun care growth of over 40%, reflecting market share gains and continued category recovery in both US and international markets, as well as organic net sales growth in men's grooming. 

 

Wet One's organic net sales declined 41%, reflecting the impact of cycling prior year COVID-19 related growth of over 110%. Sun and skin care segment profit decreased $1.5 million, as higher sales were more than offset by the negative effect of inflationary pressures and substantially higher A&P spend in support of increased program activation.