Elizabeth Arden beats estimates as new fragrances fuel sales
Nov 5 (Reuters) - Elizabeth Arden Inc reported better-than-expected quarterly results as more consumers were drawn to its new fragrances, allowing the cosmetics maker to maintain its full-year sales forecast.
The company, which owns fragrance licenses for fashion brands True Religion Apparel Inc and BCBGMAXAZRIA, as well as hip-hop star Nicki Minaj and Justin Bieber, has been trying to make its namesake brand more upscale, develop its business overseas and line up more celebrity fragrances.
Net sales rose 13.5 percent to $344.5 million, in the first quarter ended Sept. 30, beating the average Wall Street estimate of $336.3 million. Sales in North America rose 20 percent.
Net income fell to $2.2 million, or 7 cents per share, from $9.2 million, or 31 cents per share, a year earlier.
Excluding items, the company earned 44 cents per share. Analysts were looking for earnings of 42 cents per share, according to Thomson Reuters I/B/E/S.
Elizabeth Arden shares closed at $47.51 on the Nasdaq on Friday.
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