Bare Escentuals Inc. said Wednesday that its net income leaped 58.8 percent in the fourth quarter, as its efforts in marketing, product extension and global expansion helped to drive sales.
The San Francisco-based cosmetics company, which in January received a bid from Shiseido to be purchased for $1.7 billion, said for the period ended Jan. 3, it recorded a profit of $39.1 million, or 42 cents a diluted share, compared with $24.6 million, or 26 cents a share, in the year-ago quarter. Revenue jumped 12.2 percent to $165.1 million from $147.1 million last year. Analysts forecasted EPS of 26 cents on sales of $152.1 million, according to Yahoo Finance.
“While we still face competitive and macroeconomic risks, our domestic retail sell-through improved in the quarter and was ahead of the trends in the prestige cosmetic industry, which declined 5 percent,” chief executive officer Leslie Blodgett said on the company call. “We view our results as a testament to the resiliency of our brand, the loyalty of our BE users and ultimately the performance of our products.”
In 2009, the firm said its net income rose 0.2 percent to $98.1 million, or $1.05 a share, versus $98 million, also $1.05 a share, last year. Annual revenues edged up 0.2 percent to $557.5 million, versus $556.2 million.
In January Shiseido president and chief executive officer Shinzo Maeda admitted Bare Escentuals’ sales have dipped recently because of the economic downturn, but stressed he expects them to begin growing again in the near future. To illustrate the potential of the deal, Shiseido combined its balance sheet for the fiscal year ending March 30 with that of Bare Escentuals ending Dec. 31, 2008, revealing that annual sales would be about 747.8 billion yen, or $8.17 billion at current exchange, compared with the 690.3 billion yen, or $7.55 billion, it posted in its most recent fiscal year.
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