Dep predicting 7% sales decline in the second quarter due to Agree and Halsa.
This article was originally published in The Rose Sheet
Executive Summary
DEP PREDICTING 7% SALES DECLINE IN THE SECOND QUARTER (ended Jan. 31) to approximately $31 mil., and a net loss of between 10 [cents] and 15 [cents] per share, the Los Angeles-based company announced Feb. 8. In the year-earlier quarter, Dep recorded a net loss of 70 [cents] a share. The firm continues to attribute its losses to the Agree and Halsa hair care brands, acquired from S.C. Johnson in 1993 ("The Rose Sheet" July 19, 1993, p. 10). Dep filed suit against S.C. Johnson in March for allegedly damaging the brands' North American market before selling them to Dep ("The Rose Sheet" March 14, p. 4). The trial date has been set for Sept. 12.