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This article was originally published in The Rose Sheet

Executive Summary

Net profit rose 11.2% at constant exchange rates to $116.4 mil. (€1=$1.20) in 2005, due in part to "a sharp decrease in net interest expense as a result of...debt reduction," in addition to a reduction in average current tax rate and unrealized gains from its stake in L'Occitane, French beauty firm reports March 24. Net profit was up 11.4% on a like-for-like basis. Operating profit rose 4.5% to $152.1 mil. Clarins' Beauty operating profit advanced 9.4%, or 9% like-for-like, to $112.5 mil. during the year, while Perfumes division operating profit declined 7.3%, or 6.4% on a like-for-like basis, to $39.6 mil. Clarins reported 2005 net sales in February (1"The Rose Sheet" Feb. 6, 2006, p. 6)...

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