Bare Escentuals sales up in Q4
SAN FRANCISCO Bare Escentuals, a maker of mineral makeup, experienced an increase in fourth quarter sales but does expect first quarter net sales to decline vs. the prior year due to the economy and a tightening of trade inventories that hurt first quarter shipments.
“As a result of the lower sell-in, we expect to see a meaningful decline in overall first quarter net sales vs. the prior year. However, our corresponding domestic retail sell-through for the quarter is trending positive to last year,” stated Myles McCormick, COO, CFO, Bare Escentuals. “We do expect that once our retail partners adjust to their more conservative inventory positions, shipments will again approximate the pace of retail sales. As such, we do not view first quarter net sales trends to be indicative of full year expectations”.
Due to this shift in purchasing behavior, the company expects first quarter net sales to decline in the teens on a percentage basis versus the prior year. Earnings per share during the first quarter are expected to be between 12 cents and 15 cents per diluted share.
For the fourth quarter ended Dec. 28, sales totaled $147.1 million, up 2% from $144.6 million in the year-ago period. Net income for the fourth quarter was $24.6 million, or 26 cents per diluted share, a decrease of 9% compared with $27 million, or 29 cents per diluted share, in the year-ago period.
Ennis named president of Revlon International
NEW YORK Revlon’s board of directors has elected Alan Ennis as a director of the company and president, Revlon International, effective March 1.
He will remain EVP and CFO, a post he has held since November 2006 after having served as SVP, corporate controller and chief accounting officer. In addition to his role as CFO, he has overseen the company’s international business during 2008. He joined the beauty company in March 2005 as SVP, internal audit. Before that, he held several senior financial positions with Ingersoll-Rand Co.
The election of Ennis will increase the size of Revlon’s board to 11 members. The company will continue to have a majority of independent directors on its board.
“Alan has demonstrated strong leadership skills and excellent strategic capabilities, and I am confident that he will continue to successfully lead our strong finance organization and that our international business will continue to grow profitability under Alan’s leadership,” stated David Kennedy, Revlon president and CEO.
L’Oreal USA announces new president, CEO
PARIS As of July 1, L’Oreal USA will have a new president and CEO, Frederic Roze, as Laurent Attal heads back to the Paris headquarters to head research and development, as well as innovation.
Attal, who has served as president and CEO of L’Oreal’s North American division for the past four years, has been named EVP and managing director of research and innovation.
In his new role, Attal will oversee the company’s research laboratories and, at the end of 2009, will take charge of all teams from both the current research and development function as well as the innovation department.
Attal succeeds Jean-Francois Grollier, who is retiring after 40 years with the company.
Effective July 1, Roze, who started at L’Oreal in 1986 and is currently director of the mass-market consumer products division for Europe, will succeed Attal in New York as president and CEO of L’Oreal USA.
After joining L’Oreal, Roze quickly became managing director of the consumer products division of L’Oreal Russia before being appointed general manager of Gemey France in 1996. As managing director of L’Oreal Argentina, which at the time was suffering from an economic crisis, he secured the recovery of the subsidiary, while gaining greater knowledge of the group’s different divisions. In 2002, he was appointed head of the consumer products division and professional products division in Spain. After being named consumer products division director for Western Europe in 2004, Roze’s functions were subsequently extended to cover the entire Europe region.