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.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"