Elizabeth Arden Inc.’s first-quarter profits fell sharply as the company focused on reshaping its namesake brand.
Net income declined 76.3 percent to $2.2 million, or 7 cents a diluted share, from $9.2 million, or 31 cents, a year earlier. Adjusting for costs to reposition the Elizabeth Arden brand as well as acquisition costs, income rose to 44 cents a diluted share, 2 cents better than the 42 cents analysts projected.
“Although early in the rollout, we are experiencing strong retail sales performance at the flagship doors with our revitalized Elizabeth Arden products,” said E. Scott Beattie, chairman, president and chief executive officer. “As we look forward to the holiday season, we believe that our significant innovation along with the continued rollout of Elizabeth Arden branded products has us well positioned to continue our positive performance.”
Arden confirmed its 2013 guidance for adjusted earnings per share of $2.55 to $2.70. Shares of the firm slipped 2 cents to $47.49.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)