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May 13, 2014
11:44 EDTRDEN, COTY, IPAR, REVPerfume makers slip following unexpected loss from Elizabeth Arden
Shares of several perfume and cosmetic companies are falling after one of the companies in the space, Elizabeth Arden (RDEN), unexpectedly reported a third quarter loss amid weaker than expected sales. WHAT'S NEW: Elizabeth Arden reported a third quarter loss per share of (84c), compared to analysts' consensus expectation for a breakeven quarter. The company reported revenue of $210.8M, which fell well short of analysts' projection of over $256M. The company's net sales in its North American segment fell 23% from the prior year, with Elizabeth Arden attributing the decrease to fewer fragrance launches in this year compared to the prior year. Elizabeth Arden's International sales declined 16% from the prior year, with the decrease due to the company's efforts to maintain product pricing across both branded products and key fragrance brands. The company also reported that its net sales of its branded skin care, color and fragrance products declined 19% compared to the same quarter last year. WHAT'S NOTABLE: Elizabeth Arden confirmed that it has engaged Goldman Sachs (GS) to assist its board in looking into potential strategic alternatives to enhance shareholder value, to accelerate growth and maximize the value of its brand portfolio, as had been reported by Reuters last month. Reuters also reported on April 23 that South Korea's LG Household & Healthcare was considering a bid for Elizabeth Arden. On April 28, research firm Stifel suggested in a note to investors that Coty (COTY) could benefit from purchasing Elizabeth Arden. The firm said at the time that it believed such an acquisition could be "significantly" accretive to Coty and it kept a hold rating on Coty's shares. PRICE ACTION: During late morning trading, shares of Elizabeth Arden fell $6.24, or 17.5%, to $29.39. Shares of a number of other perfume and cosmetics makers were lower as well, with Coty (COTY) down 2.6%, Inter Parfums (IPAR) slipping 0.6% and Revlon (REV) lower by 1.5%.
News For RDEN;COTY;IPAR;REV From The Last 14 Days
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September 30, 2014
16:53 EDTREVRevlon Chief Accounting Officer Jessica Graziano resigns
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September 29, 2014
09:11 EDTREVRevlon relocates principal executive offices
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08:50 EDTCOTYCoty to host conference call
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08:22 EDTCOTYCoty announces CEO Michele Scannavini has stepped down
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September 26, 2014
18:47 EDTRDENRhone Capital reports 7.6% stake in Elizabeth Arden, extends tender offer date
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September 23, 2014
09:29 EDTREVRevlon names Roberto Simon as EVP, CFO, effective September 30
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September 19, 2014
10:06 EDTCOTYOn The Fly: Analyst Downgrade Summary
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07:45 EDTCOTYCoty downgraded at B. Riley
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06:18 EDTCOTYCoty downgraded to Sell from Neutral at B. Riley
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September 17, 2014
16:15 EDTCOTYCoty coverage assumed with an Overweight at Piper Jaffray
Target $20.
16:15 EDTIPARInter Parfums coverage assumed with a Neutral at Piper Jaffray
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