Elizabeth Arden loss widens as sales of celebrity perfumes fall
Aug 19 (Reuters) - Elizabeth Arden Inc reported a wider loss due to a steeper-than-anticipated fall in sales of celebrity perfumes, particularly Justin Bieber and Taylor Swift brands.
The company's shares fell 8 percent in premarket trading.
The net loss attributable to Elizabeth Arden widened to $155.9 million, or $5.24 per share, in the fourth quarter ended June 30, from $5.0 million, or 17 cents per share, a year earlier.
Elizabeth Arden, also known for its skin care brands such as Ceramide and Prevage, said net sales plunged 28.4 percent to $191.7 million.
The company said investment funds affiliated with Rhône Capital LLC agreed to buy $50 million in redeemable preferred stock and warrants to buy 2.5 million shares, representing about 7.6 percent of the outstanding stock. (Reporting by Devika Krishna Kumar in Bangalore; Editing by Savio D'Souza)