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Sephora launches YOU+Sephora cosmetics collection to benefit charities

BY Antoinette Alexander

SAN FRANCISCO — Following the launch of Values Inside Out, Sephora’s charitable platform has presented the first limited-edition cosmetic collection to benefit its nonprofit partners. 

The YOU + SEPHORA cosmetic collection, which will be available June 1 in all U.S. Sephora stores and on Sephora.com, retails for $20 and features a covetable clutch, glitter eye liner, lip gloss and nail polish. Sephora USA Inc. will donate $13 for each bag sold in-store to the store’s selected charity, while bags sold on Sephora.com will benefit the American Heart Association.

YOU + SEPHORA features:

  • One collectable cosmetic pouch perfect for purse, travel or gym bag;
  • One mini lip gloss in a dusty pink shimmer finish that you can apply over your favorite lipstick or wear alone;
  • One mini gold glitter liquid eyeliner that you can wear alone or layer to brighten the glitter effect; and
  • One mini nail polish in a warm champagne metallic finish to act as the finishing touch for your summer ensembles.

"At Sephora, our continual mission for Values Inside Out is to inspire and engage our teams to play a part in making a difference in their communities, and this bag allows them to do just that, share their passion for cosmetics with their clients that ultimately supports our charitable partners across the country," stated Mary Herald, Sephora’s EVP of human resources and education.
 

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Valeant to buy Bausch & Lomb

BY Alaric DeArment

ROCHESTER, N.Y. — Canadian drug maker Valeant Pharmaceuticals International is buying U.S.-based Bausch & Lomb Holdings for $8.7 billion, the companies said Monday.

Bausch & Lomb makes prescription and over-the-counter eye health products, as well as contact lenses and solutions and eye-surgery equipment.

"Bausch & Lomb’s world-renowned brand, comprehensive portfolio of leading eye-care products and promising late-stage pipeline are an ideal strategic fit for our current ophthalmology business, and we are strongly committed to continuing to build a sustainable eye-health business," Valeant chairman and CEO J. Michael Pearson said. "With this transaction, Valeant will be a worldwide leader in both dermatology and eye health."

Valeant’s all-cash offer for the company includes $4.5 billion to an investor group led by Warburg Pincus and $4.2 billion to pay Bausch & Lomb’s outstanding debt.

In other news, the Food and Drug Administration declined to approve an experimental drug made by Valeant for the fungal nail infection onychomycosis. The drug maker announced Tuesday that it received a complete-response letter from the FDA for efinaconazole, meaning that the agency had finished reviewing its application for the drug, but questions about its chemistry, manufacturing and controls remained that precluded approval.

 

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Dollar Tree reports record Q1 results

BY Jason Owen

CHESAPEAKE, Va. — Dollar Tree Inc. reported consolidated net sales for the first quarter, which ended on May 4, of a record $1.87 billion, an 8.3% increase compared with $1.72 billion reported for the quarter ended April 28, 2012, the company stated today. Comparable store sales increased 2.1%, on top of a 5.6% increase for the first quarter 2012.

Earnings per diluted share for the first quarter were $0.59, an 18.0% increase compared to earnings per diluted share of $0.50 reported for the first quarter 2012.

"I am pleased with the company’s first-quarter performance," said president and CEO Bob Sasser. "Sales continued to grow, our earnings per share increased by 18% and we achieved the highest first-quarter operating margin in the Company¹s history. Our stores are executing at a high level and we are well positioned with great assortments and the best values ever for Memorial Day, graduation and an exciting summer selling season."

Operating margin for the quarter was 11.6%, a 70 basis point improvement from the 10.9% operating margin in the first quarter 2012. Gross margin increased 20 basis points, to 35.2% compared with 35.0% in the first quarter 2012. Selling, general and administrative expenses improved 50 basis points to 23.6% compared with 24.1% in the first quarter last year.

Cash and cash equivalents at quarter-end totaled $383.3 million, compared with $382.3 million at the end of the first quarter 2012. During the first quarter, the Company repurchased 1.5 million shares for $68.4 million, and ended the quarter with $791.3 million remaining on its share repurchase authorization.

The Company continues to expand. During the first quarter, Dollar Tree opened 94 stores, closed 2 stores, and expanded or relocated 16 stores. Retail selling square footage increased 7.0% compared to a year ago, to 41.2 million square feet

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