NEW YORK--Powered by a combination of higher sales and cost cuts, Alfin Inc./Adrien Arpel Inc. earned $655,698, or 6 cents a share, in the second quarter, against a loss of $752,741 a year ago. In the quarter ended Jan. 31, sales jumped 29.9 percent to $8.8 million, from $6.8 million. Sales of cosmetics soared 55.7 percent in the quarter and 32.5 percent in the half, aided by home shopping television marketing begun in the third quarter ended April 30. These gains were partially offset by a $2.6 million decline in fragrance volume, with $2.1 million in special and closeout sales in the year-ago half. The company said it has been restructuring its operations over the last 18 months, working towards profitability in part by cutting staff. Michael D. Ficke, chief financial officer, said that over the last 18 months staff has been slashed from about 530 to about 130 employees. He said further expense cuts are planned, but no further staff reductions. In the half, the company earned $705,899, or 6 cents, against a loss of $741,607 a year ago. Sales were up 7.6 percent to $16 million from $14.9 million In addition to Adrien Arpel cosmetics, the company produces fragrances under the Burberrys, Jacomo de Jacomo, Pierre Balmain and Robert Piguet brands. In a 10-Q filing with the Securities and Exchange Commission, the company said its financial condition is improving. It noted that it has been successful in working with vendors to pay off old payables accumulated in the past two years. These payments restricted the company's ability to purchase required inventory, and as a result, sales were lost. --Fairchild News Service
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
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