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.
L’Oreal may cut 200 jobs at U.K. factory, transfer operations to Fareva
PARIS French beauty company L’Oreal is looking to cut 200 jobs at one of its U.K. factories, according to published reports.
The plant, located in Talbot Green, South Wales, makes shampoos, conditioners and hair styling products. However, L’Oreal is looking to transfer those manufacturing operations to France-based company Fareva around the middle of next year, according to reports.
Production for the U.K. market would remain in Talbot Green to keep some of the jobs at the factory.
A decline in the U.K. supplier base has meant 70 percent of its ingredients were imported. Also, more than two-thirds of its current product is then exported.
“The combination of these two factors means that the factory is no longer sustainable from an economic logistical or environmental perspective within L’Oreal’s manufacturing organization,” a company spokesman was quoted as saying.
According to reports, those employees whose jobs have become redundant will be offered help in finding new positions within the L’Oreal Group or elsewhere.