Lake Success, N.Y.— Hain Celestial Group reported a net loss of $69.9 million for the quarter ended June 30 and attributed it to the plans to sell its Hain Pure Protein product line. The company also reported it’s “highly pleased” with its search for a replacement CEO to company founder Irwin D. Simon.
The bright side was international sales, which grew to $619.6 million, up from $602.9 million for the same period last year. Still, adjusted earnings per share for the quarter were 27 cents, down from 41 cents in the previous year.
“Our top priorities in fiscal year 2019 are to return our United States business to growth and to generate increased profitability,” Simon said in a statement. He was present on the conference call with analysts announcing the results, but did not indicate if it would be his last call. After he is replaced, Simon becomes nonexecutive chairman of the board.
For the full fiscal year, Hain Celestial reported net sales of $2.5 billion, up from $2.3 billion last year. Net income for the year fell dramatically to $9.7 million from $67.4 million in 2017.
The company’s products, sold in more than 70 countries, include Celestial Seasonings Tea, Earth's Best baby food and Terra chips.
Hain’s share price is down 35% this year and fell again after results were announced.
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