(RTTNews.com) – While reporting its third-quarter financial results today, Hain Celestial Group, Inc. said it has appointed James Meiers to the newly-created position of Chief Operations Officer, effective immediately. He will report to Irwin Simon, with responsibility for achieving the cost savings across the company’s worldwide operations. The company also tightened its financial outlook for fiscal 2016.
As previously communicated, Hain Celestial commenced a strategic review under Project Terra and has identified approximately $100 million in global cost savings, which it expects to achieve during fiscal years 2017 through 2019.
The company expects these initiatives to include optimizing plants, co-packers and procurement and rationalizing the company’s product portfolio, and reinvesting these incremental savings into the business to further brand building efforts and household penetration.
In addition, the company will launch Cultivate Ventures, a venture unit. The company has also identified certain brands representing approximately $30 million in sales, which no longer fit into its core strategy for future growth, and it intends to sell these as a group.
For fiscal 2016, Hain Celestial now forecasts earnings in a range of $2.00 to $2.04 per share, and net sales in a range of $2.946 billion to $2.966 billion. Earlier, the company forecast full-year earnings of $1.95 to $2.10 per share and revenue in a range of $2.90 billion to $3.04 billion.
On average, analysts polled by Thomson Reuters expect earnings of $2.02 per share for the year on revenues of $2.94 billion. Analysts’ estimates typically exclude certain special items.
Source: RTT News
A new wave of brands is emerging that promotes indulgence and rejects the notion of sacrifice. Low-maintenance “hangover” beauty products are designed to address the effects of late nights and partying without judgment or hassle, and even include cosmetics that are formulated in a way that means you can fall asleep in your makeup without feeling guilty.
The pilot will allow the company to scale circular packaging in about 18 markets over the next three years, an approach that jumps on the success of similar efforts in the company’s Indonesia ecoSPIRITS program, which launched in 2022 and is active in 38 bars.
Unilever’s focus on purpose across its brands has been a source of criticism from some of its investors. Its new CEO Hein Schumacher says the company now recognises there are some brands where the concept is simply not relevant.