SALES RISE AT ALBERTO IN QUARTER
NEW YORK — With all of its units performing well, the Alberto-Culver Co. reported first-quarter earnings rose 15 percent to $12.9 million, or 46 cents a share, from $11.2 million, or 40 cents, a year ago.
Sales for the three months ended Dec. 31 rose 11.6 percent to $347.6 million from $311.5 million.
At the same time, the Melrose Park, Ill.-based company said it is increasing its quarterly dividend to 9 cents a share from 8 cents, the 12th consecutive year of dividend increases.
In a statement, Alberto president Howard B. Bernick said the international and Sally Beauty Supply units recorded strong sales increases, while sales in the U.S. division were off slightly as a result of an ongoing cost reduction program. Alberto’s previously announced $120 million acquisition of St. Ives Laboratories is “on target” and is expected to close next month, Bernick said. First quarter sales and earnings were not affected by the transaction.
Earlier this month, Sally Beauty Supply completed the acquisition of Barnum Beauty Supply, a full service Matrix/Redken distributor in Ohio. — Fairchild News Service