The problem-solution beauty brand Physicians Formula on Thursday reported first-quarter net income of $2.4 million, or 16 cents a diluted share, compared to $451,000, or 3 cents a share, in the prior-year period.
Net sales for the three months ended March 31 gained 24 percent to $26.2 million, compared to $21.1 million in the year-ago quarter, driven by its move into the skin care category.
Company chairwoman and chief executive officer Ingrid Jackel said, “Net sales growth was driven by better-than-expected demand of our color cosmetics products, as well as the planned distribution expansion of our skin care platform. Through the successful execution of our product and brand investment strategies, we have expanded our market share of the masstige category and maintained our retail sales momentum.”
The company also raised full-year guidance, and now expects sales to grow between 8 and 11 percent in 2012.