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Physicians Formula Q2

This article was originally published in The Rose Sheet

Executive Summary

Firm reports net sales of $22.1 mil. and $57.8 mil. for the second quarter and first six months of 2007, ended June 30, representing a 4.2% decrease and 13.8% increase, respectively, versus the comparable periods in 2006. Decline in Q2 revenue is attributed partly to higher co-operative advertising expenses and costs associated with the production of an infomercial supporting company's Mineral Wear line and launching nationwide in early 2008, CEO Ingrid Jackel notes during Aug. 13 call. Though it is confident in its position relative to competitors, Physicians Formula has revised its outlook for the remainder of the year due to "an unexpected change in replenishment order patterns of basic stock from [its] top chain drug retailers" - a phenomenon not specific to Physicians Formula but indicative of softer consumer spending for the masstige industry overall, according to the firm. Company now anticipates net sales of $18.5 mil. to $20.5 mil. in Q3, $31 mil. to $33 mil. in Q4 and $107 mil. to $111 mil. for the full year...

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