Elizabeth Arden Flips to Profit

Elizabeth Arden Inc reported a meager quarterly profit on Friday that still beat Wall Street estimates, helped by higher international sales and the launch of the Mariah Carey perfume.

The company, known for its namesake and Britney Spears line of perfumes, also stood by its full-year profit and sales forecasts.

Net income was $350,000, or 1 cent a share, in the fiscal first quarter that ended Sept 30, compared with a loss of $1.3 million, or 5 cents a share, a year earlier.

Excluding restructuring costs, the company earned 4 cents a share, beating analysts' expectations of a 5-cent loss per share, according to Reuters Estimates.

Arden had previously forecast a loss for the period, citing stepped-up spending for the Mariah Carey perfume.

Sales rose 6.7 percent to $271.8 million, helped by the launch of the "M" by Mariah Carey perfume, an 18-percent rise in international sales of its self-branded products, and demand for its fragrances in the United States.

The New York-based company said it still expects to earn in the range of $1.15 per share to $1.20 per share for the first half of fiscal 2008.

However, it now expects sales to grow by 5 to 7 percent, compared with its previous forecast of 6 to 7 percent.

Elizabeth Arden stood by its full-year earnings and sales forecasts -- sales are expected to rise by 5 to 7 percent. and earnings are expected to come in at $1.65 per share to $1.75 a share.

Analysts expect it to earn $1.68 a share for the full year, according to Reuters Estimates.
Source: Reuters | MariahDailyJournal