MELROSE PARK, Ill. Alberto-Culver reported on Monday record sales and earnings from continuing operations for its third quarter thanks in part to the growth of brands St. Ives, Alberto V05 and Nexxus.
Sales for the quarter rose 12.3 percent to $364.9 million from $325 million in the year-ago period.
Pre-tax income from continuing operations rose 29.9 percent to $42.7 million from $32.9 million in the prior year quarter. Excluding restructuring and other expenses of $2.7 million in the current quarter and $1.4 million in the prior year quarter, pre-tax earnings from continuing operations increased 32.4 percent to $45.4 million compared with $34.3 million in the year-ago period.
Diluted earnings per share from continuing operations rose 26.1 percent to 29 cents from 23 cents in the prior year quarter. Excluding restructuring and other expenses, diluted earnings per share from continuing operations rose 29.2 percent to 31 cents versus 24 cents in the prior year quarter.
As a result of the pending divestiture of Cederroth International, continuing operations excludes the results for Cederroth.
“In a challenging economic environment we were able to deliver another record quarter of sales and earnings growth. Our strong results in the quarter, which were in line with our expectations, were driven mainly by growth in our core beauty care brands in the United States and international markets,” stated V. James Marino, Alberto-Culver president and chief executive officer. “TRESemme generated another exceptional quarter of sales growth, showing continued strength in our core markets while also being launched in Spain. Other beauty brands including St. Ives, Alberto V05 and Nexxus also grew during the quarter. These are very strong results, especially when considering the U.S. and UK hair care categories are a bit soft.”