Helen of Troy's (HELE) is expected to report fiscal Q3 results on Wednesday, with analysts projecting persistent macroeconomic and competitive pressures to weigh on top-line performance, Oppenheimer said Friday in a note.

While the company's management has made strides in distribution, Oppenheimer notes these efforts may not yet suffice to spur a turnaround.

The company's Q3 sales guidance projects a 1% to 4.5% decline, and Oppenheimer believes meeting the lower end of this range is achievable. For Q3 earnings, the brokerage forecasts earnings per share of $2.51, slightly below the Street consensus of $2.60 and management's guidance of $2.51 to $2.71.

With topline headwinds expected to persist into early 2025, Oppenheimer said Helen of Troy could narrow its full-year EPS guidance "to the lower end of the range inclusive of modest accretion benefits related to the recently completed Olive & June acquisition."

Oppenheimer has a perform rating on the stock.

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