Helen of Troy, which owns Osprey, Hydro Flask, and OXO, told investors its supply chain costs are climbing faster than the tariff refunds it is owed.
Plenty of importers are counting on IEEPA refunds to claw back tariff costs. Helen of Troy is a reminder that the money is real, but too slow and unpredictable to build plans around.
The numbers:
Of the $9.2 million in phase one refunds it expected, the company has received $1.8 million
Another $71 million is pending from phase-two entries
Gross margin fell 110 basis points anyway, as commodity, freight, and disruption costs outran the tariff relief
The core problem: Refunds are supposed to clear within 90 days, but CFO Brian Grass said there is no pattern the company can rely on. As a result, Helen of Troy is not including future refunds in its guidance.
The takeaway: For importers, the lesson is simple. Money the government owes is not money in hand, and building it into a plan is a bet Helen of Troy just showed can go wrong.
