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Elizabeth Arden delivers 'fragrant' fiscal 2007 Q3
04 May '07
4 min read
Elizabeth Arden Inc a global prestige beauty products company, announced financial results for the fiscal 2007 third quarter ended March 31, 2007.
Net sales increased 14.6% to $219.2 million for the three months ended March 31, 2007 from $191.3 million in the comparable period of the prior year. Net sales growth was driven by increased sales of prestige fragrances to mass retail customers, sales of new fragrances, including Elizabeth Arden Mediterranean and with Love Hilary Duff, and higher sales globally of the Elizabeth Arden brand. Excluding the favorable impact of foreign currency translation, net sales increased 12.6%.
Net income for the three months ended March 31, 2007 was $3.2 million, or $0.11 per diluted share, compared to net income of $0.7 million, or $0.02 per diluted share, in the same period last year.
Earnings for the current year period were positively impacted by a tax benefit of $0.01 per diluted share related to R&D tax credits. Earnings for the prior year period include debt extinguishment charges of $0.02 per diluted share.
E.Scott Beattie, Chairman, President and Chief Executive Officer of Elizabeth Arden Inc, commented, "The key drivers of our business performed well this quarter, and we expect this trend to continue for the remainder of this fiscal year and into fiscal 2008."
Our U.S. mass retail business delivered another strong quarter. Net sales of the mass business unit grew by 26%, well ahead of the category growth, and we are expanding our market share with those retailers.
The second key driver, our international business, increased over 10% led by strong growth in the Asia Pacific and travel retail markets. Global sales of Elizabeth Arden branded skin care and color products are growing rapidly and have experienced double-digit increases so far this fiscal year.
"We expect growth of the Elizabeth Arden brand in total to continue to accelerate due to the recent launch of our new fragrance Elizabeth Arden Mediterranean."
Net sales increased 14.6% to $219.2 million for the three months ended March 31, 2007 from $191.3 million in the comparable period of the prior year. Net sales growth was driven by increased sales of prestige fragrances to mass retail customers, sales of new fragrances, including Elizabeth Arden Mediterranean and with Love Hilary Duff, and higher sales globally of the Elizabeth Arden brand. Excluding the favorable impact of foreign currency translation, net sales increased 12.6%.
Net income for the three months ended March 31, 2007 was $3.2 million, or $0.11 per diluted share, compared to net income of $0.7 million, or $0.02 per diluted share, in the same period last year.
Earnings for the current year period were positively impacted by a tax benefit of $0.01 per diluted share related to R&D tax credits. Earnings for the prior year period include debt extinguishment charges of $0.02 per diluted share.
E.Scott Beattie, Chairman, President and Chief Executive Officer of Elizabeth Arden Inc, commented, "The key drivers of our business performed well this quarter, and we expect this trend to continue for the remainder of this fiscal year and into fiscal 2008."
Our U.S. mass retail business delivered another strong quarter. Net sales of the mass business unit grew by 26%, well ahead of the category growth, and we are expanding our market share with those retailers.
The second key driver, our international business, increased over 10% led by strong growth in the Asia Pacific and travel retail markets. Global sales of Elizabeth Arden branded skin care and color products are growing rapidly and have experienced double-digit increases so far this fiscal year.
"We expect growth of the Elizabeth Arden brand in total to continue to accelerate due to the recent launch of our new fragrance Elizabeth Arden Mediterranean."
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