SAN FRANCISCO Mineral-based makeup company Bare Escentuals, announced on Wednesday financial results for the third quarter ended Sept 30.
Net sales for the quarter were $126.6 million, an increase of 29.3 percent from $97.9 million in the year-ago period.
Net income was $20.5 million, or 22 cents per diluted share, on approximately 93.2 million shares outstanding, compared with $8.9 million, or 12 cents per diluted share, on approximately 73.3 million shares outstanding, in the third quarter of fiscal 2006.
“The third quarter marked another quarter of strong sales growth and increased profitability,” said Leslie Blodgett, chief executive officer. “Our strong financial performance reflects our continued ability to increase brand awareness, execute alongside our retail partners and expand our points of presence both domestically and abroad. As we look to our next stage of growth, we remain committed to our multi-channel distribution model to educate consumers of the benefits of mineral-based makeup and extend the reach of the Bare Escentuals brand worldwide.”
In addition, Bare Escentuals reaffirmed its fiscal 2007 diluted earnings per share guidance of a range of 89 cents to 94 cents on approximately 93.2 million shares outstanding.
For fiscal 2008, the company expects sales growth to be in line with its long-term revenue growth target of between 20 percent to 25 percent. It also expects earnings to grow in line with its long-term earnings growth rate of roughly 25 percent, implying earnings per share in the range of $1.13 to $1.18 per diluted share.