Perfumania
This article was originally published in The Rose Sheet
Executive Summary
Discount perfumery chain to spin off retail fragrance and wholesale operations and change its name to Ecomv (Electronic Commerce Ventures) under a strategic initiative to drive stock value, the company announces Dec. 13. Perfumania also plans to develop new Internet-related businesses or acquire interests in Internet companies. The changes are a result of "impressive turnaround" in the firm's retail operations and the launch of its subsidiary perfumania.com, the company states. Revenues for the third quarter (ended Oct. 30) were up 28.6% to $47.7 mil. Net profit totaled $5.6 mil. compared to a net loss of $3.9 mil. a year ago. Excluding a net gain of $5.6 mil. representing the sale of perfumania.com IPO stock, net operating income was $13,000
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