05.11.09
At Physicians Formula, net sales for the first quarter of 2009 dropped almost 50% to $20.2 million, compared to the same period in 2008.
Ingrid Jackel, company chairwoman and chief executive officer, stated, “During the first quarter, we experienced a significant disconnect between our reported net sales and our retail sell-through due to the current retail environment. Sell-through of Physicians Formula at our retailer partners only experienced a mid single-digit decline in the first quarter of 2009. As anticipated, our results during the first quarter were adversely impacted by drastic changes in the retail environment compared to the first quarter of last year.''
She added, “Although we are disappointed with our first quarter results, we are confident that our strategy of industry-leading new product innovation is the key to our company's future success. Our core strategic initiatives for 2009 have been successfully implemented and we're beginning to see favorable results.”
Ingrid Jackel, company chairwoman and chief executive officer, stated, “During the first quarter, we experienced a significant disconnect between our reported net sales and our retail sell-through due to the current retail environment. Sell-through of Physicians Formula at our retailer partners only experienced a mid single-digit decline in the first quarter of 2009. As anticipated, our results during the first quarter were adversely impacted by drastic changes in the retail environment compared to the first quarter of last year.''
She added, “Although we are disappointed with our first quarter results, we are confident that our strategy of industry-leading new product innovation is the key to our company's future success. Our core strategic initiatives for 2009 have been successfully implemented and we're beginning to see favorable results.”