In Brief: Dep
This article was originally published in The Rose Sheet
Executive Summary
Dep: Sales decreased 7.8% to $25.8 mil. for fiscal 1998 first quarter (ended Oct. 31). Net income increased to $510,000, compared to a net loss of $2 mil. in the same quarter a year-ago. The company attributed the sales decrease to converting Australia and China to distributor arrangements from direct-sales operations, as well as to the continued declines in Agree and Halsa hair care brand sales. Operating income for the period jumped to $2.1 mil. versus $184,000 in the year-ago quarter, due to new product introductions, lower promotional expenses and reduced general and administrative costs, the company said. The firm also noted its gross margins improved with the roll out of the higher margin hair and skin care lines, Theorie and Le Systeme...