Improved trends in travel retail and gains at U.S. mass retailers, as well as more favorable foreign currency rates, helped Elizabeth Arden Inc. post 54 percent profit growth in the second quarter.
For the period ended Dec. 31, Arden earned $21.1 million, or 73 cents a diluted share, compared to $13.7 million, or 48 cents, in the year-ago quarter. Excluding restructuring and other expenses, the firm said net income was $22.9 million, or 80 cents a diluted share, compared with $17.4 million, or 61 cents a share.
Net sales gained 6.3 percent to $393.3 million from $370 million in the prior-year period. Excluding the favorable impact of foreign currency translation, sales increased 3.3 percent.
For the first half, Arden earned $21.1 million, or 74 cents a diluted share, compared with $1.2 million, or 4 cents a share, on sales that ticked up 0.7 percent to $658.5 million from $654.2 million.
Arden raised its earnings guidance for its fiscal year ending June 30 to a range of 63 cents to 73 cents a share, up from previous guidance of 55 cents to 65 cents. It reiterated expectations for year-end sales growth of 2.5 percent to 3.5 percent.