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Elizabeth Arden, Inc. Announces Second Quarter Fiscal 2013 Results

Stocks in this article: RDEN

A correction was made to the "Segment Net Sales" table in the release dated January 31, 2012. In the "Three Months Ended" section, the "% Increase/(Decrease)" figures were corrected.

The corrected release reads:

ELIZABETH ARDEN, INC. ANNOUNCES SECOND QUARTER FISCAL 2013 RESULTS

~ Net Sales of $468 Million; Increase of 9% ~

~ Adjusted EPS of $1.58; Increase of 11% ~

~ Fiscal Year-to-Date Net Sales Increase of 11%; Adjusted EPS Increase of 17% ~

Elizabeth Arden, Inc. (NASDAQ: RDEN), a global prestige beauty products company, today announced financial results for its second fiscal quarter ended December 31, 2012.

SECOND QUARTER RESULTS

For the quarter ended December 31, 2012, the Company reported net sales of $467.9 million, an increase of 8.8% as compared to the second quarter of the prior fiscal year. Excluding the unfavorable impact of foreign currency translation, net sales increased by 9.1%.

On a reported basis, net income per diluted share for the current year period was $1.47. On an adjusted basis, net income per diluted share for the quarter ended December 31, 2012 was $1.58, as compared to net income per diluted share of $1.42 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.

In North America, net sales increased 8.4% for the quarter and 13% fiscal year-to-date. The Company's fragrance portfolio continued to add market share, with both prestige and mass retailers gaining 2.15% and 2.1%, respectively. Sales growth was driven by the recently acquired brands, new launches, including Justin Bieber's Girlfriend, Pink Friday Nicki Minaj and Taylor Swift Wonderstruck Enchanted, which all ranked among the top fragrance launches in U.S. prestige department stores for the holiday season, and growth in existing pillar fragrance brands. Performance at prestige retailers was strong with a number of the Company's key existing brands as well, with the largest retail sales increases posted by the Juicy Couture, John Varvatos and Curve fragrances. Net sales of Elizabeth Arden branded products decreased 6% for the quarter and 6.5% fiscal year-to-date in North America. In terms of retail sales, overall retail sales at Elizabeth Arden counters in North America were flat, with the Company's recently converted Elizabeth Arden flagship counters increasing 24% year over year since conversion through the end of December.

Internationally, net sales grew 11% (constant rates) for the second fiscal quarter and 10% (constant rates) fiscal year-to-date. Net sales of fragrances increased 14% (constant rates) for the first six months, behind the Company's Western European fragrance initiative. As a result, fragrance sales in Europe grew 18% (constant rates) during the same period. Net sales of Elizabeth Arden branded products grew 10% (constant rates) for the second quarter and 7% (constant rates) for the first half of the fiscal year. As for retail sales performance, retail sales of Elizabeth Arden products at international flagship doors increased by 9% since conversion, reflecting later conversion dates as compared to the flagship doors in North America.

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