Hydro Flask’s Full Year Results Plus Current Sales Trends
Hydro Flask turned in another year of great financial results, according to parent company Helen of Troy, which reported Q4 and full year earnings Tuesday.
Hydro Flask grew revenue in the high double digits for both Q4 and the year, executives said on the earnings call.
CEO Julien Mininberg described Hydro Flask’s year as “simply fantastic.”
Domestically, high volume retail customers continue to give the brand expanded shelf space, and Hydro Flask is still growing internationally, where it is in the early stages of its development.
As far as the coronavirus crisis, Hydro Flask is beginning to see demand improve as more people opt to get outside and exercise and stimulus checks hit bank accounts. Amazon, which initially pared back buying of many categories to focus on a core group of essentials, has since added Hydro Flask and many other categories of products from other companies to that essentials list, which has helped sales, executives said.
Going forward, Helen of Troy sees a long runway for growth for Hydro Flask, including:
- Expanding distribution and shelf space
- Adding new innovation to existing categories
- Creating more new products beyond the bottle
- Continuing to expand internationally
- Growing direct online sales
- Expanding its robust collegiate business
- Increasing sales of customized products
Companywide, Helen of Troy has temporarily reduced salaries and wages across almost all parts of the company because of the coronavirus crisis.
“While this was a very difficult decision to make, we chose this approach versus widespread layoffs in order to retain talent, protect what we have built and preserve as many jobs as possible. A hiring freeze, suspension of merit increases and promotions and other personnel measures have also been implemented,” Mininberg said.
The company has also furloughed some distribution center employees in specific areas directly tied to sales volume as well as reduced temporary labor work hours.