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Parlux comments for Q1 & fiscal 2009 full year
19 Jun '08
2 min read
Parlux Fragrances Inc announced clarification on comments made during its fiscal year 2008 conference call held on June 6, 2008. During the call, Mr. Neil J. Katz, Chairman and CEO, stated that in the first quarter of fiscal 2009: "we might see a flattening [of sales] from year to year."
He also added: "in trying to get the inventory [levels] down considerably, we over-corrected and are short on a lot of items that are being requested of us by our business partners."
The company expects that sales levels for the quarter ended June 30, 2008 will be lower than the same quarter in the previous year due to the inventory shortages noted during the call. The company does have orders on hand that would have resulted in higher sales for the quarter, but due to the inventory shortages, we expect these sales will be shifted to the second quarter of fiscal 2009.
The company believes that this shift in sales will not materially affect sales for the balance of the year and that overall sales for the full fiscal year, and the related net income, will significantly exceed that of the prior year.
Mr. Katz noted that, "During our conference call, we expressed our concern about inventory production to meet demand for the fiscal quarter ending June 30, 2008. It has now become apparent that, although production continues at full capacity at our contract fillers, sufficient product will not be available to fulfill all orders within requested ship dates of June 30, 2008 or prior.
Most important, retail sales and customer demand continues to be very strong for GUESS? and Paris Hilton; and therefore, we believe this will not affect our full year results, as these orders should ship early in our second fiscal quarter."
He also added: "in trying to get the inventory [levels] down considerably, we over-corrected and are short on a lot of items that are being requested of us by our business partners."
The company expects that sales levels for the quarter ended June 30, 2008 will be lower than the same quarter in the previous year due to the inventory shortages noted during the call. The company does have orders on hand that would have resulted in higher sales for the quarter, but due to the inventory shortages, we expect these sales will be shifted to the second quarter of fiscal 2009.
The company believes that this shift in sales will not materially affect sales for the balance of the year and that overall sales for the full fiscal year, and the related net income, will significantly exceed that of the prior year.
Mr. Katz noted that, "During our conference call, we expressed our concern about inventory production to meet demand for the fiscal quarter ending June 30, 2008. It has now become apparent that, although production continues at full capacity at our contract fillers, sufficient product will not be available to fulfill all orders within requested ship dates of June 30, 2008 or prior.
Most important, retail sales and customer demand continues to be very strong for GUESS? and Paris Hilton; and therefore, we believe this will not affect our full year results, as these orders should ship early in our second fiscal quarter."
Parlux Fragrances Inc
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