Elizabeth Arden 1Q earnings drop, top estimates
NEW YORK (AP) — Elizabeth Arden reported a 76 percent decline in net income for its first fiscal quarter on Monday but its adjusted figures beat Wall Street estimates on higher sales of its skincare and makeup lines.
The company, which makes its namesake perfume and celebrity perfume bearing the names of Britney Spears and Justin Bieber, reported a 13.5 percent increase in revenue, citing the launch of new fragrances in the U.S. and Europe.
"Although early in the roll-out, we are experiencing strong retail sales performance at the flagship doors with our revitalized Elizabeth Arden products," said CEO E. Scott Beattie, in a statement.
The company reported net income of $2.2 million, or 7 cents per share, for the three months ended Sept. 30 compared with $9.2 million, or 31 cents per share, a year ago. Excluding more than $15 million in acquisition and restructuring costs, the company said it would have earned 46 cents per share in the latest quarter.
Revenue rose to $344.5 million from $303.5 million a year ago.
That topped the average estimate of analysts polled by FactSet, who expected earnings of 42 cents per share on revenue of $336 million.
The company expects earnings of $1.54 to $1.64 for the second quarter on revenue of $480 million to $495 million. Analysts expected slightly higher earnings of $1.65 per share on revenue of $495.9 million.
For fiscal 2013, the company expects earnings of $2.55 to $2.70 per share. Analysts expect earnings of $2.63 per share.
Elizabeth Arden Inc. shares fell 8 cents to $47.43 in afternoon trading Monday. Its shares peaked for the year at $48.59 in early October, bouncing back from a low of $30.96 in early February.