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This article was originally published in The Rose Sheet

Executive Summary

Sales slip 9% to $26 mil. for the fiscal third quarter (ended April 30) and declined 6.3% to $80.3 mil. through nine months, the company reported May 28. Lower sales from the Agree and Halsa hair care lines continued to drive down sales, Dep said. Net income for the quarter was $681,000, compared to a net loss of $613,000 in the year-ago period, and net income from the nine months rose to $2 mil., versus a $2.6 mil. net loss in fiscal 1997. The company attributed the earnings increases to sales from higher margin products, such as Theorie hair care and Le Systeme skin care, and to lower SG&A expenses. For the quarter and the nine months, SG&A has been reduced to about 54% of sales, compared to 58% of sales last year...
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