Sales & Earnings In Brief
This article was originally published in The Rose Sheet
Executive Summary
Parlux sales up in Q3: Roughly one week after announced resignation of Chairman and CEO Neil J. Katz "due to philosophical differences regarding the future of the company," Ft. Lauderdale, Fla.-based fragrance marketer books 6% increase in fiscal third-quarter sales to $50.3 mil., led by Queen Latifah and Marc Ecko scents. However, firm experienced a loss of $5.4 mil. for the quarter, compared with a $4.5 mil. loss in the comparable period of last year. Losses were attributed to "heavy investment" in U.S. department stores and lower consumer spending. Department store sales of its fragrances were down 30% in Q3, firm says. Parlux's board of directors has appointed company founder Frederick E. Purches chairman and interim CEO