IFF fragrance sales down
This article was originally published in The Rose Sheet
Executive SummaryNew York-based International Flavors & Fragrances reports sales decline of 8% for its fragrance division in fiscal 2009, as a result of retail consumption declines and supply chain contraction. Cost controls helped the firm build sales and earnings momentum in the second half of the year, Kevin Berryman, executive vice president and CFO, notes. Fourth-quarter sales were up 9% overall (up 2% excluding the impact of foreign currency) to $586 mil., while full-year sales dipped 3% to $2.3 bil. Earnings were down 3% in the fourth quarter to $47.4 mil. and fell 15% for the full year to $195.5 mil., impacted by restructuring charges, employee separation costs and tax benefits in the year prior, according to Feb. 9 announcement
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