Elizabeth Arden, Inc. (NASDAQ: RDEN), a global prestige beauty products company, today announced financial results for its first fiscal quarter ended September 30, 2012.
FIRST QUARTER RESULTS
For the quarter ended September 30, 2012, the Company reported net sales of $344.5 million, an increase of 13.5%, as compared to the first quarter of the prior fiscal year. Excluding the unfavorable impact of foreign currency translation, net sales increased by 16.1%.
On a reported basis, net income per diluted share for the current year period was $0.07. On an adjusted basis, net income per diluted share for the quarter ended September 30, 2012 was $0.44, as compared to net income per diluted share of $0.31 for the prior year period. Adjusted net income per diluted share excludes acquisition-related expenses and non-recurring charges associated with the Elizabeth Arden brand repositioning. A reconciliation between GAAP and adjusted results can be found in the tables and footnotes at the end of this press release.
Net sales for the Company's international segment increased by 2.2%, or 8.8% at constant rates, over the prior fiscal year, and net sales in the Company's North America segment grew by 20.0%. Net sales growth in North America benefitted from several new fragrance launches. Internationally, sales growth was strongest in the Company's European and emerging markets. Sales of Elizabeth Arden branded products decreased by 5.1%, or 0.9% at constant rates, as compared to the prior year and reflect the Company's continued wind down of retailer inventory in advance of the broader roll-out of the Elizabeth Arden brand repositioning.
E. Scott Beattie, Chairman, President and Chief Executive Officer of Elizabeth Arden, Inc., commented, "We have begun the year strongly, reporting double digit growth in net sales and adjusted earnings per share. Although early in the roll-out, we are experiencing strong retail sales performance at the flagship doors with our revitalized Elizabeth Arden products. As we look forward to the holiday season, we believe that our significant innovation along with the continued rollout of Elizabeth Arden branded products has us well positioned to continue our positive performance."