NEW YORK (TheStreet) -- Shares of Elizabeth Arden Inc. (RDEN) are retreating, down -23.81 to $14.94 on very heavy trading volume, after the beauty products company reported its biggest ever quarterly loss due to a steeper-than-expected fall in sales of celebrity perfumes, particularly the Justin Bieber and Taylor Swift brands, according to Reuters.
Fourth quarter sales dropped 28.4%, the steepest in a decade, and the company warned that the weakness, which started about a year ago, would continue for the next six months.
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