Wella FY 2003
This article was originally published in The Rose Sheet
Executive Summary
Cosmetics & Fragrances division sales are anticipated to grow 15.3% when adjusted for currency and 9% on a nominal basis, German hair care company says in fiscal 2003 preliminary report. Overall consolidated sales were $4.2 bil. (€1= $1.26), an increase of 4.3% adjusted for currency, but down 2.3% on a nominal basis. Earnings will be impacted by negative foreign currency effects, Wella noted. Operating income will be "slightly lower" at $394.7 mil., the firm said, but profit before taxes will be $301.4 mil., a "slight improvement" over prior-year results of $300.3 mil. Commenting on the effects of last year's acquisition by Procter & Gamble, Wella notes that despite "prevailing uncertainty among clients and employees associated with a takeover process, the company is satisfied with this performance." The firm will release complete FY 2003 results on March 4...