Hain Celestial to overhaul business with aim of boosting growth through fiscal 2027

Hain Celestial Group Inc. (HAIN) outlined an overhaul of its business on Wednesday that aims to boost growth and generate annualized savings of $130 million to $150 million by fiscal 2027. In a statement released ahead of an investor day, the provider of snacks and beverages said it plans to prioritize growth across five core geographies of the U.S., Canada, UK, Ireland, and Europe and give platforms of better-for-you, or BFY snacks, BFY baby & kids, BFY beverages, BFY meal prep and BFY personal care. The company expects to achieve 400 to 500 basis points of adjusted gross margin improvement and deliver $400 million in cumulative cash flow by fiscal 2027. The company's longer-term goal is for organic net sales compound annual growth rate of 3% plus, it said in a statement. The company expects to book charges of $115 million to $125 million in fiscal 2024 and fiscal 2025 to cover the costs of the restructuring. The stock has fallen 40% in the year to date, while the S&P 500 has gained 16%.

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

09-13-23 0750ET

Copyright (c) 2023 Dow Jones & Company, Inc.