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Elizabeth Arden Posts Surprise Loss And Cuts OutlookFiled at 11:46 a.m. ET NEW YORK, May 1 (Reuters) - Elizabeth Arden Inc reported a surprise quarterly net loss and cut its full-year outlook on Thursday as the weak economy crimped sales of its cosmetics, sending its shares down 22 percent to a nearly two-year low. Arden, known for its Red Door fragrance and spas, posted a net loss of $3.8 million, or 14 cents a share, for the third quarter ended on March 31, compared with a year-earlier profit of $3.2 million, or 11 cents a share. Excluding restructuring charges, the company lost 10 cents per share. On that basis, analysts on average were expecting a profit of 7 cents, according to Reuters Estimates. Sales fell 4 percent to $210.6 million. Excluding the impact of currency rate fluctuations, which boosted the dollar value of sales from overseas, sales fell 5.9 percent. Arden cited tougher-than-expected sales trends in North America and noted that even the pace of its international business, specifically in Britain, slowed. "For the balance of the year, we remain cautious with respect to our business in North America and the developed markets in Europe," Chief Executive Scott Beattie said in a statement. For fiscal 2008, Arden said it expected earnings of $1.30 to $1.36 per share, excluding items, on sales growth of 1 percent to 2 percent. In January the company forecast earnings of $1.65 to $1.75 per share on a sales increase of 5 percent to 7 percent. Arden shares were down $3.34, or 18 percent, at $15.17 on the New York Stock Exchange after falling to $14.45, their lowest price since August 2006. Tag CloudExternal InformationAdditional InformationSpending: Attention, Fashionistas: Sample Sales Are Expanding...Radio ad recession ’has run its course’... Safety of Drug-Coated Stents Tough to Assess, Report Says... BHP chief to go out on high, after $A12.8bn expansion... Where Am I?News Main Page - Business - Elizabeth Arden Posts Surprise Loss And Cuts Outlook |
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