IFF
This article was originally published in The Rose Sheet
Executive Summary
Lower consumption and inventory correction drives "sharp decline" in firm's fine fragrance and beauty care business, International Flavors and Fragrances says in an April 30 first quarter earnings release. Sales for fragrances were down 9% on a reported basis, and down 5% on a local currency basis. North American fragrance sales increased 2%, but sales in the Europe, Africa and Middle East regions plummeted 24% (16% in local currencies), company notes. "The fragrance team continues to win key projects and is building core capabilities that we expect will lead to future growth," says Chairman and CEO Robert Amen. Impact of foreign currency translation drove total sales down 6.2% to $560 mil. Net income declined 16% to $47.2 mil