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Elizabeth Arden posts excellent performance in Asia Pacific
01 May '08
3 min read
Elizabeth Arden Inc, a global prestige beauty products company, announced financial results for the third fiscal quarter and nine months ended March 31, 2008.
Third Quarter Results:
Net sales decreased 4.0% to $210.6 million for the three months ended March 31, 2008, from $219.2 million in the comparable period of the prior year. Excluding the favorable impact of foreign currency translation, net sales decreased 5.9%. Net sales results reflect weakness in the consumer and retail environment in North America and in the United Kingdom.
Net loss for the three months ended March 31, 2008, excluding restructuring charges, was $2.9 million, or $0.10 per share. This compares to net income, excluding restructuring charges, in the same period last year of $3.3 million, or $0.11 per diluted share.
On a reported basis, the net loss was $3.8 million, or $0.14 per diluted share, compared to net income of $3.2 million, or $0.11 per diluted share, for the prior year period. In addition, the Company's reported results were negatively impacted by currency hedges established in 2007 when the U.S. dollar was stronger.
E. Scott Beattie, Chairman, President and Chief Executive Officer of Elizabeth Arden, Inc., commented, "Despite a weak consumer and retail environment, we were still disappointed with our results this quarter. While we were not expecting any improvement in the retail environment this past quarter in North America, we did not anticipate the extent of the negative retail sales trends.
Third Quarter Results:
Net sales decreased 4.0% to $210.6 million for the three months ended March 31, 2008, from $219.2 million in the comparable period of the prior year. Excluding the favorable impact of foreign currency translation, net sales decreased 5.9%. Net sales results reflect weakness in the consumer and retail environment in North America and in the United Kingdom.
Net loss for the three months ended March 31, 2008, excluding restructuring charges, was $2.9 million, or $0.10 per share. This compares to net income, excluding restructuring charges, in the same period last year of $3.3 million, or $0.11 per diluted share.
On a reported basis, the net loss was $3.8 million, or $0.14 per diluted share, compared to net income of $3.2 million, or $0.11 per diluted share, for the prior year period. In addition, the Company's reported results were negatively impacted by currency hedges established in 2007 when the U.S. dollar was stronger.
E. Scott Beattie, Chairman, President and Chief Executive Officer of Elizabeth Arden, Inc., commented, "Despite a weak consumer and retail environment, we were still disappointed with our results this quarter. While we were not expecting any improvement in the retail environment this past quarter in North America, we did not anticipate the extent of the negative retail sales trends.
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