Home / Knowledge / News / Elizabeth Arden announces Q2 fiscal 2010 results
Elizabeth Arden announces Q2 fiscal 2010 results
28
Jan '10
Elizabeth Arden, Inc. a global prestige beauty products company, announced financial results for its second fiscal quarter ended December 31, 2009.

Second Quarter Results

For the quarter ended December 31, 2009, the Company reported net sales of $393.3 million, an increase of 6.3%, as compared to the second quarter of the prior fiscal year. Excluding the favorable impact of foreign currency translation, net sales increased by 3.3%.

Net income per diluted share for the second fiscal quarter ended December 31, 2009 was $0.73, as compared to net income per diluted share of $0.48 for the prior year period. Excluding restructuring and other expenses associated with the Company's Global Efficiency Re-engineering initiative, net income per diluted share for the three months ended December 31, 2009 was $0.80, as compared to net income per diluted share of $0.61 for the prior year period. The prior year period also excludes expenses and non-cash charges related to the Liz Claiborne license agreement. A reconciliation between GAAP and adjusted results can be found in the tables and footnotes at the end of this press release.

E. Scott Beattie, Chairman, President and Chief Executive Officer of Elizabeth Arden, Inc., commented, "Our results for the second quarter reflect an improved balance between shipments and retail sales at certain of our North American mass retail customers, continued strong sales performance in our Asia-Pacific business, which increased by 19% this quarter, and momentum in our travel retail business. Although we saw revenues accelerate during the second quarter, our retailers are still managing inventories conservatively and, as such, we are still using caution regarding our second half revenue projections."

Mr. Beattie continued, "We are continuing to focus on improving the efficiency of our business processes, which are driving improvement in gross margins, EBITDA margins and working capital utilization. I am extremely pleased with the continued momentum we are seeing in these metrics and the related improvement in cash flow, return on invested capital, and the de-leveraging of our balance sheet. More specifically, adjusted gross margins increased by 270 basis points in the second fiscal quarter, and inventory declined by $126 million, or 32%, as compared to December 2008 levels. This contributed to fiscal year-to-date cash flow from operations of $77 million and an $80 million, or 55%, reduction in our credit line balance as compared to the end of the second fiscal quarter of the prior year. As such, we are raising our guidance for cash flow from operations for fiscal 2010 from a range of $50 million to $60 million to a range of $70 million to $75 million."

Six Months Results

For the six months ended December 31, 2009, the Company reported net sales of $658.5 million, an increase of 0.7%, or a decrease of 0.3% excluding the favorable impact of foreign currency, ascompared to the prior year period. Net income per diluted share was $0.74, as compared to $0.04 for the prior year period. Excluding restructuring and other expenses associated with the Company's Global Efficiency Re-engineering initiative, net income per diluted share was $0.85, as compared to net income per diluted share of $0.71 for the prior year period. The prior year period also excludes expenses and non-cash charges related to the Liz Claiborne license agreement.

Must ReadView All

Apparel/Garments | On 28th May 2017

Over 45% US retailers to use AI in next 3 years: Report

Over 45 per cent retailers in the US plan to utilise artificial...

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Apparel/Garments | On 28th May 2017

Naked Brand, Bendon sign agreement to reorganise

Naked Brand Group, a fashion and lifestyle brand, and Bendon Limited, ...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search