Shares of Helen of Troy Ltd. /zigman2/quotes/205565021/composite HELE +3.75% sank 6.5% in premarket trading Thursday, after the consumer products company, which brands include Hydro Flask, Vicks and Braun, reported fiscal first-quarter earnings that beat expectations but cut its full-year outlook, citing a shift in consumer buying patterns amid rising inflation. Net income fell to $24.6 million, or $1.02 a share, from $57.0 million, or $2.31 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.41 beat the FactSet consensus of $2.00. Revenue fell 6.1% to $508.1 million but was above the FactSet consensus of $474.2 million, as home and outdoor revenue rose 21.0% to $234.3 million and health and wellness revenue declined 17.2% to $168.9 million. Gross profit margin improved to 41.6% from 40.8%. For fiscal 2023, the company cut its guidance ranges for adjusted EPS to $9.85 to $10.35 from $12.73 to $13.03 and for revenue to $2.15 billion to $2.20 billion from $2.38 billion to $2.42 billion. "Since our April earnings release, the macroeconomic outlook has changed significantly as consumers shift their buying patterns and adapt to a number of factors including the impact of inflation and interest rates rising more rapidly than expected," said Chief Executive Julien Mininberg. "In response, many of our major retail customers announced actions to rebalance their inventory stemming from rapid revisions to their sales forecasts." The stock has tumbled 30.5% year to date through Wednesday while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.73% has lost 19.3%.