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IFF first quarter

This article was originally published in The Rose Sheet

Executive Summary

North American functional fragrance sales rose 20% in Q1 based on "new wins," but 20% decline in fine fragrance revenues led to flat fragrance performance overall for the region, excluding businesses divested in 2001, Chief Financial Officer Doug Wetmore states during April 25 financial report. European fragrance sales declined 1% in dollar terms, pulled down by high single-digit decrease in fine fragrances. Worldwide fragrance sales off 3% during quarter on pro forma basis, excluding businesses sold in late 2001 and reflecting new accounting rules for goodwill and intangibles, according to firm's April 25 1sales and earnings release. Consolidated sales of $445.8 mil. for Q1 were down 3.9% on pro forma basis. Net earnings doubled to $41.9 mil., up from $20.3 mil. in previous-year period...
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