Shares of Elizabeth Arden Inc. vaulted more than 10 percent Thursday after the New York-based beauty firm posted fourth-quarter earnings, and projected fiscal 2011 profits above analysts’ estimates.
In the three months ended June 30, Arden generated net income of $2.3 million, or 8 cents a diluted share. This came against a net loss of $3.6 million, or 13 cents, in the year-ago period and a consensus estimate of 1 cent a share, according to analysts polled by Yahoo Finance. Sales rose 7.4 percent, to $228.2 million from $212.6 million in the 2009 period, and would have advanced 7.2 percent without the favorable effect of foreign currency translation.
The company said it expects earnings per share in the new year to land in the range of $1.15 to $1.25, above the $1.13 consensus estimate. Arden said the guidance reflects replenishment rates that “lag retail sell-through overall.”
E. Scott Beattie, chairman, president and chief executive officer, said sales of the Elizabeth Arden brand grew 13.5 percent in the fourth quarter and the company’s recent reengineering initiatives are expected “to allow us to drive revenue growth and significant double-digit earnings growth for the next few years.”
For the full year, net income was $19.5 million, or 68 cents a diluted share, versus a net loss of $6.2 million, or 22 cents, in fiscal 2009. Sales rose 3.1 percent to $1.1 billion from $1.07 billion in the prior year.
Arden’s stock ended the day at $16.04, up $1.53 or 10.5 percent, the largest advance among the 172 issues monitored by WWD.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion