HELE - Helen of Troy to cut 10% of workforce in reorganization effort

Helen of Troy ( NASDAQ: HELE ) is cutting 10% of total staff as part of its Project Pegasus program, the company said on Thursday.

Management said that the moves to simplify the business under the program include the consolidation of Beauty and Health & Wellness businesses into a single segment, the creation of a single North America Regional Market Organization to handle regional sales, and the centralization of many operations and finance functions. As a result, global headcount will be cut by 10%.

The bulk of these cuts are aimed for completion by the close of March. All reductions will be completed by the close of 2024.

Elsewhere, the company beat earnings expectations for its fiscal third quarter of 2023 and raised guidance for full-year sales. Nonetheless, shares slipped 6% shortly after the market open on Thursday.

Read more on the details of the earnings results .

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