Parlux offers FY 2010 results
This article was originally published in The Rose Sheet
Executive Summary
Fragrance marketer posts loss of $14.8 mil. for fiscal 2010, ended March 31, compared with loss of $4.3 mil. in fiscal 2009. Sales of $148.1 mil. were down 2% on the year, attributed to expiration of firm's license for GUESS fragrances, lower consumer spending and high post-holiday returns. Impact from loss of GUESS "was considerably more than originally expected," according to CEO Frederick E. Purches. For fourth quarter, firm recorded sales of $17.7 mil., down 37% from the same period the year before, and a loss of $9.8 mil., versus a gain of $1.5 mil. in the prior-year quarter. Parlux executed an agreement with GE Capital Corporate Finance June 28 for $20 mil. in credit to fund future growth. The New York-based firm plans to focus on designer brands rather than the celebrity names that have dominated its roster of late (1"The Rose Sheet" June 21, 2010)
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