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IFF cautious on fragrance sales

This article was originally published in The Rose Sheet

Executive Summary

International Flavors & Fragrances expecting fine fragrance sales will remain sluggish in the third quarter despite the benefit of recent "wins," including Estee Lauder Intuition for Men, Calvin Klein Crave,Ralph Lauren Polo Blue and new Elizabeth Arden women's fragrances, firm says in its 1Q2 financial release July 24. Second quarter fine perfumery sales in North America were down in the low single digits and functional fragrances were flat, leading to an overall 2% decline in fragrance sales in the region. For the first half, perfumery sales decreased 10% in North America. IFF consolidated sales rose 3% to $476.3 mil. in the second quarter, excluding non-core businesses divested during 2001. Net income was $45.4 mil., up 12.4% over pro forma earnings in the 2001 quarter that exclude businesses divested in 2001 and reflect new accounting standards on amortization of goodwill...
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