Sharp 1Q Sales Decline at Bare Escentuals

2009-04-30 | 07:05

First quarter sales tumble 11%

Bare Escentuals, Inc.'s net sales for the first quarter of fiscal 2009 were $124.3 million, a decrease of 11% from $140.4 million in the same period last year. Net income for the first quarter of fiscal 2009 was $16.7 million, or $0.18 per diluted share, compared to $25.8 million, or $0.28 per diluted share, in the first quarter of fiscal 2008.

"As anticipated, the economic environment remained challenging in the first quarter, manifesting in sharp inventory de-stocking among our key retail partners which impacted our first quarter financial results. In this environment, we are focused on managing our business as diligently and prudently as we can while continuing to improve upon the customer experience," said Leslie Blodgett, chief executive officer. "While expense management will remain top-of-mind at Bare Escentuals, we are equally committed to building on our strong brand heritage through strategic investments in new product introductions, customer acquisition and distribution expansion that will position us for long term success."