Elizabeth Arden, Inc. (NASDAQ:RDEN), a global prestige beauty products company, today announced financial results for its first fiscal quarter ended September 30, 2013.
For the quarter ended September 30, 2013, the Company reported net sales of $343.6 million, which compares to $344.5 million for the prior fiscal year period. At constant foreign currency rates, net sales increased by 0.6%. On a reported basis, net income per diluted share was $0.06. On an adjusted basis, net income per diluted share was $0.22, as compared to net income per diluted share of $0.44 for the prior year period. Adjusted net income per diluted share excludes non-recurring costs relating to the Elizabeth Arden brand repositioning and restructuring activities, and for fiscal 2013, adjusted net income also excludes costs relating to fragrance brand acquisitions completed in fiscal 2012. 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 5.3%, or 7.2% at constant foreign currency rates, over the prior fiscal year period. Sales growth was strongest in the Company's Greater China and European markets. Net sales in the Company's North America segment declined by 3.0%, reflecting significant fragrance launch volume in the prior year period.
For the quarter, net sales of Elizabeth Arden branded products increased by 11.1%, or 12.3% at constant foreign currency rates, as compared to the prior year, with increases across the skin care, color cosmetics and fragrance categories. Retail sales at the Company's Elizabeth Arden flagship counters have increased 20% in North America year over year since conversion, and retail sales at the Company’s international flagship doors have increased 13.4% since conversion, or 21.6% excluding underperforming travel retail doors in Korea. Elizabeth Arden brand net sales growth was strongest in the Company’s focus markets of China, North America and Europe.
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