Alberto-Culver posts record Q3 sales
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.”
CVS expands nail care offerings
GREAT NECK, N.Y. CVS/pharmacy will now offer eight products from nail, hand and foot care company Barielle. Items will include treatment lacquers and creams designed specifically for nails and cuticles, as well as moisturizers for hands and feet.
“CVS/pharmacy is committed to offering the best beauty selections from around the world, and our mix of beauty brands will be enhanced through the inclusion of Barielle’s line of products,” says Sherry Saffert, divisional merchandise manager for Beauty for CVS/pharmacy.
L’Oreal announces executive moves
NEW YORK L’Oreal announced on Thursday several executive moves, including the appointment of Karen Fondu, currently president of Maybelline New York/Garnier, as president of L’Oreal Paris.
Fondu will succeed Carol Hamilton, currently president of L’Oreal Paris, who has been named president of the Luxury Products division at L’Oreal USA.
David Greenberg, senior vice president of human resources, will assume Fondu’s role as president of Maybelline New York/Garnier. The company is expected to announce Greenberg’s successor shortly.
These appointments will take effect in September.
“I am delighted to announce these three key appointments at L’Oreal USA. Carol, Karen and David are exceptional individuals who are a testament to the strength and depth of the L’Oreal organization,” stated Laurent Attal, president and chief executive officer of L’Oreal USA. “We are confident that they will leverage their proven track records in their new roles, and together with their teams, will bring their divisions even greater success in the future.”
Fondu, who joined L’Oreal USA in 1979 and has held various sales management positions within the L’Oreal Consumer Products division over the years, was appointed president of Maybelline New York/Garnier in 2004.
Hamilton, who joined L’Oreal USA in 1984 as director of marketing for the former L’Oreal Cosmetics division, has held various roles over the years and, in 2002, was appointed president of L’Oreal Paris.
Greenberg joined the L’Oreal Group in 1993. He held various positions in the L’Oreal Paris division including vice president of marketing for the L’Oreal Paris hair color portfolio and then vice president of marketing for all L’Oreal Paris hair care and colorants. In 1999, he was named general manager of the Consumer Products division for L’Oreal Mexico. In 2003, he was appointed worldwide general manager of Matrix and assumed the role of senior vice president of human resources for L’Oreal USA in 2005.