Bare Escentuals announces third quarter 2008 results
SAN FRANCISCO Cosmetic company Bare Escentuals announced Thursday their 2008 third fiscal quarter results ending Sept. 28, 2008.
Net sales for the third fiscal quarter were $130.2 million, a 3 percent increase from $126.6 million in the same period last year. Third-quarter net income was up 12 percent, from $20.5 million, or $0.22 per diluted share, to $22.0 million, or $0.25 per diluted share.
For the nine months ended September 28, 2008, Bare Escentuals reported a 12 percent increase in net sales from $366.4 million in the same period last year to $409.1 million this year. Net income showed a 20 percent increase from $61.1 million, or $0.66 per diluted share, to $73.4 million, or $0.79 per diluted share. The company expects a 10 percent sales and earnings growth compared to last year.
“While the challenging economic climate is clearly putting pressure on the consumer, we continue to grow although we recognize that we can do things better,” said Leslie Blodgett, chief executive officer. “We are taking proactive steps to further distinguish ourselves from competition, strengthen and grow our customer base, and extend our leading market share.
“We recently took actions aimed at rationalizing the operating and cost structure of the company. The result is a leaner and more effective organization, which we believe is necessary to navigate the current difficult economic environment and best position the company for sustained, profitable growth.”
P&G names Moeller to leadership team as CFO
CINCINNATI Procter & Gamble has announced that Jon Moeller, current vice president and treasurer, will become the new chief financial officer, effective Jan. 1, 2009.
Moeller succeeds Clayton C. Daley Jr., vice chairman and chief financial officer, who will retire Sept. 16, 2009, after 35 years of service. He will step down as chief financial officer on Jan. 1, but will continue to serve as an advisor to chairman and chief financial officer A.G. Lafley.
“Jon Moeller has been an integral part of P&G’s leadership team for nearly a decade. He brings strategic leadership, tough-minded discipline, and a 20-year track record of strong business and financial results,” stated Lafley.
Moeller, who has worked in nearly every part of the P&G business from laundry and cleaning in China to beauty and health globally, has led major merger and acquisition operations, including the Wella acquisition and recent divestiture of Folgers.
P&G releases Olay Professional Pro-X skin care line
CINCINNATI Procter & Gamble has developed a new line of skin care products, dubbed Olay Professional Pro-X, that is being positioned as a professional line for the mass market.
The line is comprised of an Age Repair Lotion with SPF 30, Wrinkle Smoothing Cream, Hydra Firming Cream, Deep Wrinkle treatment, Eye Restorative Complex and Discoloration Fighting Concentrate.
In addition to the six product offerings, the collection also includes an Anti-Aging Starter Protocol, Olay’s first-ever product regimen recommendation. This three-step regimen is a cost-effective way for women to experience the line. It includes two primary solutions: Age Repair Lotion SPF 30 and Wrinkle Smoothing Cream, and one specialized treatment, Eye Restorative Complex.
The line will be available beginning February. The suggested retail price is $42. The Olay Professional Pro-X Anti-Aging Starter Protocol is available beginning in December and where Olay products are sold in January. The suggested retail price is $62.
To develop the line, P&G Beauty Scientists explored how skin-related genes function, interact with one another and, more importantly, respond to aging and environmental stress at the molecular level. Using this insight and genomics tools, P&G Beauty Scientists have learned a healthy, strong stratum corneum moisture barrier is important to allowing maximum inner skin performance. With this knowledge, the company identified combinations of cosmetic ingredients and formulated them into cosmetic moisturizers that promise to protect and strengthen the stratum corneum in aged skin.
“For the first time in history, scientists can capture the complete gene profile of younger skin and compare it to that of older skin,” Greg Hillebrand, P&G Beauty Science said. “Genomics gives us a global picture of what is happening with skin aging and allows us to understand the complexity of differences between young skin and aged skin at the most fundamental levels.”