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.
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A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
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