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By
Reuters
Published
Nov 4, 2010
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Europe boosts Elizabeth Arden profits; shares soar

By
Reuters
Published
Nov 4, 2010

(Reuters) - Cosmetics maker Elizabeth Arden Inc (RDEN.O) posted better-than-expected quarterly earnings, boosted by strong results overseas, and raised its full-year sales target, sending its shares up 11 percent.

Elizabeth Arden

European net sales rose 14 percent, while net sales in North America, the company's biggest market, were up 6 percent.

Its travel retail and distributor business, which includes duty-free shops, saw sales soar 31 percent. Travel retail was strong in Asia and Latin America, the company said.

Elizabeth Arden has said it wants to bring international sales from about 35 percent of total sales to about 50 percent over the next five years.

Excluding restructuring and other expenses, the company earned 18 cents per share in its fiscal first quarter, ended September 30, topping analysts' average forecast of 13 cents, according to Thomson Reuters I/B/E/S.

The company said it now expects full-year net sales growth of 3.5 percent to 4.5 percent, up from a prior forecast of 3 percent to 4 percent. It maintained its forecast for earnings per share of $1.15 to $1.25.

Analysts expect full-year revenue to hit $1.15 billion, up 4.2 percent from 2009, with earnings per share of $1.20.

Elizabeth Arden said first-quarter net earnings were $4.9 million, or 17 cents per share, up from $40,000, or nil per share, a year earlier.

Sales rose 7.4 percent to $284.8 million, ahead of a Wall Street forecast of $277.4 million.

The company's shares were up 11 percent to $23.19 in midday trading on the Nasdaq.

(Reporting by Jon Lentz; editing by John Wallace)

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