February 1, 2008
Elizabeth Arden Inc, a global prestige beauty products company, announced financial results for the second fiscal quarter and six months ended December 31, 2007.
Second Quarter Results:
Net sales increased 2.8% to $422.4 million for the three months ended December 31, 2007, from $410.8 million in the comparable period of the prior year. Net sales growth is a result of increased sales in international markets across all brand categories and the global launch of the M by Mariah Carey fragrance. Excluding the favorable impact of foreign currency translation, net sales increased 0.5%.
Net income for the three months ended December 31, 2007 was $33.8 million, or $1.15 per diluted share. This compares to net income in the same period last year of $25.9 million, or $0.91 per diluted share. Excluding restructuring charges, net earnings for the prior year period were $0.92 per diluted share.
E. Scott Beattie, Chairman, President and Chief Executive Officer of Elizabeth Arden, Inc., commented, "The strength of our international business and our focus on operating efficiencies enabled us to achieve our earnings and operating margin targets this quarter despite a difficult holiday season in North America. For the first half of the year, we had an overall decline in our net sales in North America of 2%, while we had expected growth of approximately 4.5%, or $20 million.
This shortfall was due to weak holiday performance largely at mass volume and prestige department store retailers. Net sales of our international business grew by 20% and by 14% in constant currency rates. The international growth was broad-based across geography and our brand portfolio."
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