05.05.16
For the third quarter ended March 31, 2016, Elizabeth Arden, Inc.’s net sales were $191.9 million, an increase of 0.1% from the prior year period, or an increase of 3.7% at constant foreign currency rates.
Adjusted net sales, excluding non-recurring adjustments that increased net sales in the prior year period, improved by 3.8% at constant foreign currency rates, according to the beauty and fragrance company.
By segment, North America segment net sales increased by 1.0%, and International segment net sales increased by 7.5%, in both cases at constant foreign currency rates.
The company said it continues to execute its turnaround plans, posting its fifth consecutive quarter of constant currency net sales growth for both the Elizabeth Arden brand and its International segment and returned its non-Elizabeth Arden branded fragrance business and North American segment to constant currency net sales growth during the third fiscal quarter.
Net sales of the company's Elizabeth Arden branded products increased by 5% during the third fiscal quarter. Net sales of non-Elizabeth Arden branded fragrances increased by 3% for the quarter. Net sales of the company's designer fragrances increased by 20% during the period behind strong momentum in the John Varvatos fragrance brand and growth in Juicy Couture fragrances.
According to Arden, net sales growth momentum continued during the third fiscal quarter for the company's International segment, including a net sales increase of 27% for the European region, with the improved performance of the Elizabeth Arden brand driving the growth. The company recently restructured the leadership team in China to improve its capability in this priority market and recently hired a senior executive for the Latin American market.
The firm said it is ahead of plan in achieving its cash flow budget, and its cost savings initiatives are on track to exceed the high end of its previously communicated estimate of approximately $47 million to $50 million of annualized savings.
For the nine months ended March 31, net sales were $774.1 million, a decrease of 2.7% from the prior year period, or an increase of 1.7% at constant foreign currency rates. Adjusted net sales, excluding non-recurring charges impacting net sales in the prior year period, were flat at constant foreign currency rates, according to the firm.
Adjusted net sales, excluding non-recurring adjustments that increased net sales in the prior year period, improved by 3.8% at constant foreign currency rates, according to the beauty and fragrance company.
By segment, North America segment net sales increased by 1.0%, and International segment net sales increased by 7.5%, in both cases at constant foreign currency rates.
The company said it continues to execute its turnaround plans, posting its fifth consecutive quarter of constant currency net sales growth for both the Elizabeth Arden brand and its International segment and returned its non-Elizabeth Arden branded fragrance business and North American segment to constant currency net sales growth during the third fiscal quarter.
Net sales of the company's Elizabeth Arden branded products increased by 5% during the third fiscal quarter. Net sales of non-Elizabeth Arden branded fragrances increased by 3% for the quarter. Net sales of the company's designer fragrances increased by 20% during the period behind strong momentum in the John Varvatos fragrance brand and growth in Juicy Couture fragrances.
According to Arden, net sales growth momentum continued during the third fiscal quarter for the company's International segment, including a net sales increase of 27% for the European region, with the improved performance of the Elizabeth Arden brand driving the growth. The company recently restructured the leadership team in China to improve its capability in this priority market and recently hired a senior executive for the Latin American market.
The firm said it is ahead of plan in achieving its cash flow budget, and its cost savings initiatives are on track to exceed the high end of its previously communicated estimate of approximately $47 million to $50 million of annualized savings.
For the nine months ended March 31, net sales were $774.1 million, a decrease of 2.7% from the prior year period, or an increase of 1.7% at constant foreign currency rates. Adjusted net sales, excluding non-recurring charges impacting net sales in the prior year period, were flat at constant foreign currency rates, according to the firm.