Parlux sales up on new license deals
The Florida-based company has announced unaudited net sales for the quarter ending September 30, 2009 of $56.5m, up 8 percent on the same period last year.
Six month figures were also up on previous year figures, coming in at $80.1m, 6 percent up from the $75.7m last year.
According to the company CEO Neil Katz new products and new licenses have helped boost the quarter’s results.
New launches boosted results
New products were launched under the Paris Hilton and Jessica Simpson names, and products with three new licenses, Queen Latifah, Marc Ecko and Natori, hit the market.
"We are very pleased that our new product launches have been so positively embraced by both our retail partners and the consumer,” said Katz.
In addition, the CEO noted the success of the company’s department store business during an especially difficult time.
“Our domestic department store business continued to grow during a time when retailers were drastically reducing inventory levels and consumer traffic had significantly declined.”
Although the company won’t be releasing full results for the second quarter until early November, Katz said he was ‘cautiously optimistic’ about the all important upcoming holiday season.
The company has been struggling to fight its way back into the black, and the first quarter results saw net losses of $2.46m – this figure a significant improvement on the $4.88m in losses experience in the first quarter of the previous year.
The reduction in losses was largely attributable to the company’s cost cutting program, which saw operating expenses decrease by 14 percent, brought about by a 17 percent reduction in advertising and promotions, 18 percent reduction in selling and distribution costs and general admin charges lowered by 17 percent.
