International sales boost Arden’s Q3 figures
Arden raises its earnings guidance for fiscal 2010
Elizabeth Arden Inc has reported net sales of $217m for the quarter ended 31 March 2010, an increase of 6.7% compared to the same period of 2009, or 2.1% excluding the favourable impact of foreign currency translation. Meanwhile, net loss per diluted share was $0.14 compared to $0.13 for the prior year period.
For the nine months ended 31 March 2010, the company’s net sales were $875.5m, up 2.1% on the first three quarters of fiscal 2009, or 0.2% excluding the impact of foreign currency translation.
According to Arden, the company’s improved sales figures were due to improved business overseas and the solid performance of its core brands. “We continue to see consistent improvement in our US mass fragrance and international businesses, with sales increases of 7.6% and 13.5% respectively,” said chairman, president and ceo, E Scott Beattie. “Sales were led by the strong performance of our core brands, including the Elizabeth Arden branded products and the Juicy Couture and Britney Spears fragrances.”
Beattie added that traction gained from implemented initiatives plus declines in inventories, credit line borrowings and trade payables contributed to a $91m increase in year to date operating cash flow.
The company has raised its earnings guidance for fiscal 2010 to between $0.69 and $0.76 per diluted share and has confirmed an expected increase in net sales of between 2.5% and 3.5%.