Mariah Carey makes Elizabeth Arden's day

By Simon Pitman

- Last updated on GMT

Related tags: Percent, Elizabeth arden, Mariah carey

First quarter sales made significant progress at Elizabeth Arden,
which the company said was largely attributable to the successful
international launch of its new Mariah Carey fragrance.

Revenues grew by 6.7 percent, up from $254.8m to $271.8m, mainly thanks to the launch of the star's new 'M' fragrance, which helped to boost the company's mainstay prestige fragrance division. The company also highlighted growth in its US prestige fragrance division as a whole, together with significant growth of its Elizabeth Arden branded products on a global basis. The increase in sales helped the company to make further reductions to its debts, recording a net profit of $350,000, compared to a $1.32m loss a year earlier, an increase of 277 percent. The financial world reacted positively to the results, which were above analysts' expectations, pushing share prices up 6.56 per cent to $25.67 at the close of business on Friday. CEO Scott Beattie said that he was particularly encouraged by the company's international results, underlining the fact that sales had grown by 12 per cent in constant currencies. "Specifically, revenues in Chinaand in emerging markets increased by 75 percent and 40 percent, respectively. We also delivered 15 percent sales growth and significant improvement in profitability in our European operations,"​ he said. However, Beattie also highlighted that the US market continues to present significant challenges for the company, underlined by the fact that sales at department stores fell by 25 percent during the period. This result was counterbalanced by the fact that sales in the US mass business were up 14 percent. The company said it hopes the second quarter will be considerably better for its North American division, pinning its hopes on further growth for the new Mariah Carey fragrance, as well as the launch of its Prevage night cream. Confirming its outlook for the second quarter and first half of 2008, the company estimates that sales for the period should grow in the region of 5 - 7 percent, in line with its projection for the full financial year.

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