Elizabeth Arden beats by $0.10, reports revs in-line; reiterates its comments regarding the outlook for fiscal 2015
Reports Q1 (Sep) loss of $0.43 per share, $0.10 better than the Capital IQ Consensus Estimate of ($0.53); revenues fell 20.5% year/year to $273.1 mln vs the $275.07 mln consensus.
- Net sales of the Company's North America and International segments declined by 23% and 17% (at constant currency rates), respectively. These sales declines were expected and reflect continued proactive tightening of distribution globally, particularly of Elizabeth Arden branded products, in an effort to improve pricing and gross margins, and lower sales of celebrity fragrances, which primarily impacted the Company's North American business.
- The Company reiterates its comments regarding the outlook for fiscal 2015. Specifically, the Company expects a modest improvement in adjusted earnings for fiscal 2015 over the prior year with continued improvement in fiscal 2016, and continues to expect the following.