05.26.11
Parlux Fragrances, Inc.'s sales for the fourth quarter rose 63% to $28.9 million. During the quarter, the company posted a profit of $184,000 compared to a loss of $9.8 million the prior year.
However, net sales for the full fiscal year were $123.0 million compared to the prior year of $148.1 million. The prior year included net sales of $43.0 million of Guess brand products, which are no longer sold by the company. Excluding Guess, prior year net sales were $105.1 million and on a comparable basis current year net sales increased more than 16% over prior year. Net profits were $1.2 million, compared to a loss in the prior year of $14.8 million.
"We are extremely pleased with the substantial progress we have made in increasing sales of our basic business while launching one new iconic brand, Rihanna, to bring our total comparable sales increase (excluding Guess) to 16% for the year," said Fred Purches, chairman and CEO. "We reduced our operating expenses by $20.0 million compared to prior year and have been able to achieve a $26.0 million dollar improvement in operating profit, reverting from a loss of $23.5 million in the prior year to an operating profit of $2.5 million in the current year. Our balance sheet is strong, with $20.5 million in cash, no bank borrowings, and a book value of $4.91 per share. We are optimistic about our future performance."
However, net sales for the full fiscal year were $123.0 million compared to the prior year of $148.1 million. The prior year included net sales of $43.0 million of Guess brand products, which are no longer sold by the company. Excluding Guess, prior year net sales were $105.1 million and on a comparable basis current year net sales increased more than 16% over prior year. Net profits were $1.2 million, compared to a loss in the prior year of $14.8 million.
"We are extremely pleased with the substantial progress we have made in increasing sales of our basic business while launching one new iconic brand, Rihanna, to bring our total comparable sales increase (excluding Guess) to 16% for the year," said Fred Purches, chairman and CEO. "We reduced our operating expenses by $20.0 million compared to prior year and have been able to achieve a $26.0 million dollar improvement in operating profit, reverting from a loss of $23.5 million in the prior year to an operating profit of $2.5 million in the current year. Our balance sheet is strong, with $20.5 million in cash, no bank borrowings, and a book value of $4.91 per share. We are optimistic about our future performance."