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By
Reuters
Published
Feb 3, 2011
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Elizabeth Arden quarterly profit tops expectations

By
Reuters
Published
Feb 3, 2011

CHICAGO Feb 3 (Reuters) - Elizabeth Arden Inc (RDEN.O) posted a bigger-than-expected jump in quarterly profit, aided by strong international sales during the holiday season, and it raised its profit and sales expectations for the fiscal year.

Elizabeth Arden
Elizabeth Arden visual

The cosmetics maker earned $34 million, or $1.19 per share, in the second quarter ended on Dec. 31, up from $21.1 million, or 73 cents per share, a year earlier.

Earnings of $1.20 per share, excluding items, surpassed the analysts' average forecast of $1.04, according to Thomson Reuters I/B/E/S.

Sales rose 3.1 percent to $405.6 million, in line with Wall Street's expectations.

In constant currencies, net sales jumped 12 percent in the international business and were flat in North America.

Last month, Elizabeth Arden said it expected to exceed its Nov. 4 forecast, which called for a profit of 90 cents to $1.00 per share. At that time, it also said sales would meet or exceed the high end of its prior forecast of $393 million to $403 million.

While sales were strong at mass retailers, such as Wal-Mart Stores Inc (WMT.N), and directly to consumers, fragrance sales at U.S. department stores declined.

Elizabeth Arden now expects to earn $1.40 to $1.50 per share this year, up from a prior target of $1.15 to $1.25. It forecast a sales increase of 4 percent to 5 percent, compared with a prior outlook of 3.5 percent to 4.5 percent.

The company also expects gross margin to increase at the high end of its previous forecast of 225 to 250 basis points this fiscal year.

For the current third quarter, it expects to post a loss of 5 cents to 8 cents per share, with sales of $222 million to $228 million. Analysts currently expect a loss of 8 cents per share on $225.2 million in sales in the quarter.

(Reporting by Jessica Wohl; Editing by Lisa Von Ahn)

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