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Executives at cosmetics giant Elizabeth Arden have blamed poor sales of Justin Bieber 's fragrances for a huge slump in profits.
Yesterday | News Max
The broad-based S&P 500 gained 0.50 percent to 1,981.60, while the tech-rich Nasdaq Composite Index rose 0.43 percent to 4,527.51.
Thanks to this bull gap, shares of SKH are now sitting more than 54% above where they started the year.
With the announcement of its fourth fiscal quarter and year ended June 30, 2014, financial results , Elizabeth Arden Inc. also announced that investment funds affiliated with Rhne Capital have agreed to purchase $50 million of redeemable preferred stock of Elizabeth Arden and also will receive warrants to purchase 2.5 million shares of the ... (more)
Greetings. And welcome to the Elizabeth Arden's Fourth Quarter and Fiscal 2014 Financial Results Conference Call.
Cosmetic firm Elizabeth Arden sees its share price drop by 24%, after it revealed a plunge in sales of celebrity-linked perfumes.
Shares of Elizabeth Arden were down as much as 24% on Tuesday, and the culprit is a familiar pop culture figure: Justin Bieber.
Separately, the company said that investment funds affiliated with Rhone Capital LLC agreed to purchase $50 million of the company's preferred stock and will receive warrants to purchase 2.5 million common shares at $20.39 each, which would represent about 7.6% of the company's shares outstanding.
The company said it had a loss of $155.9 million, or $5.24 a share, in the fourth quarter, wider than the $5.01 million loss, or 17 cents a share, in the same period a year ago.
Elizabeth Arden Inc reported a wider loss due to a steeper-than-anticipated fall in sales of celebrity perfumes, particularly Justin Bieber and Taylor Swift brands.
Updated: Wed Aug 20, 2014 06:01 pm
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