CVS/pharmacy announces launch of Beauty 360 stores
WOONSOCKET, R.I. CVS/pharmacy announced today the launch of its Beauty 360 store design. Beauty 360 will be a branch off of adjacent CVS stores with separate retail store fronts and offerings of dozens of prestige and niche beauty, cosmetic, skincare, men’s grooming and fragrance products.
“Beauty 360 is the natural evolution of CVS/pharmacy’s leadership within the beauty category,” Mike Bloom, senior vice president of merchandising at CVS/pharmacy said. “This new concept will redefine the beauty shopping experience by providing customers with access to prestige and niche beauty brands as well as an unparalleled level of service.”
CVS/pharmacy has said that Beauty 360 will be staffed with trained and licensed beauty and personal care professionals who will be available to provide advice on beauty products, as well as offer services such as express facials, hand massages, make-up application demos and mini-massages.
Beauty 360 stores will stock deluxe brands such as Dr. Brandt Skincare, Clean, Coty fragrances, Elizabeth Arden Fragrance, Juicy Couture Fragrance, Mineral Essence, Clarins Fragrance and P&G fragrances and many other boutique and luxury personal care brands.
The first Beauty 360 opened its doors today at 1350 Connecticut Avenue NW, Dupont Circle, Washington, D.C. The second Beauty 360 will break ground at 25272 Marguerite Parkway in Mission Viejo, Calif. in December, CVS/pharmacy said.
“We at Laura Geller Cosmetics are so thrilled to be part of this revolutionary concept at Beauty 360,” Laura Geller said. “This model will bring prestige beauty to customers in a new format, with a level of convenience that hasn’t existed until now.”
“At CVS/pharmacy, we pride ourselves on listening to our customers and giving them what they want. Beauty 360 is the result of this customer insight combined with our extensive beauty experience,” Bloom said. “We look forward to hearing from our customers as we embark on rolling out additional Beauty 360 pilot stores in 2009.”
CVS/pharmacy also said that its ExtraCare loyalty and discount program will be extended to cover Beauty 360 brands.
L’Oreal changes forecast after disappointing third-quarter results
CLICHY, France Cosmetics maker L’Oreal reduced sales and profit forecasts for the third time in four months—once in July, once in August—and is preparing for a tough upcoming year. Third-quarter sales rose 3.4 percent to 4.27 billion euros, while Eastern Europe showed a 30 percent; Asia, a 14 percent increase; Latin America, a 6.9 percent increase; and Western Europe a 3.9 increase.
“Since September, we have noted a clear slowdown in some markets in western Europe and North America, and have been confronted with a contraction of purchasing by some distributors in the current economic crisis,” said chief executive officer Jean-Paul Agon in a statement. “[L’Oreal] distributors in the United States and some European countries are being very cautious and are reducing inventories.”
The company predicted in August “close to a 6 percent” rise in organic revenue and are now saying approximately 4 percent for the year. Organic sales are already slowing, showing an increase of 2.7 percent this quarter, compared with a 5.1 percent increase in the second quarter.
L’Oreal is the third major cosmetics to cut its predictions in three days. Estee Lauder Cos. announced their changed forecast Tuesday, and Avon Products Inc. lowered their forecast Thursday.
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.”