Elizabeth Arden, Inc. announced net sales for the fiscal quarter ended December 31, 2014, were $333.6 million. On an adjusted basis, net sales were $346.2 million, a decrease of 17.2% from the prior year, or 16.0% at constant foreign currency rates.
“Our management team, with the full engagement of our board of directors and Rhone Capital, is focused on repositioning our brand portfolio and cost structure to return our business to sustainable growth and profitability," said E. Scott Beattie, chairman, president and CEO. "Fiscal 2015, as we have stated, is a transitional year as we work to set a strong foundation for the future. In China, we are making tough decisions in support of a new distribution strategy to drive a healthier and more profitable business. Aside from this market and the continued decline in sales of our celebrity fragrances, the remainder of our business, by and large, performed as expected during the quarter.”
Net sales for the six months ended December 31, 2014, were $604.0 million. On an adjusted basis, net sales were $619.2 million, a decrease of 18.7% from the prior year. Net sales of the company’s North America and International segments declined by 18.9% and 17.2% (at constant currency rates), respectively, for the six month period. The sales declines reflect continued proactive tightening of distribution globally, a lower level of new product innovation and lower sales of celebrity fragrances, which primarily impacted the Company’s North American business. Lower sales of Elizabeth Arden branded products resulted primarily from decreased skin care sales due to tightening of distribution and changes to the company’s distribution strategy in China.
The full report is available from Elizabeth Arden.