Cosmetic company Bare Escentuals, Inc. (BARE), Thursday reported a decline in third quarter profit, reflecting higher expenses which more than offset the increase in sales. However, earnings per share and revenue for the quarter topped analysts estimates.
The San Francisco, California-based company's net income for the quarter declined marginally to $22.6 million or $0.24 per share from $22.9 million or $0.25 per share in the year-ago period. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter rose 4% to $135.7 million from $130.2 million in the year-ago period. Analysts expected revenues of $131.58 million for the quarter.
Sales in North America retail outlets increased to $88.28 million from $80.52 million, while direct to customers sales in the region declined to $26.85 million from $32.43 million in the year-ago period. International sales were up to $20.57 million from $17.24 million in the comparable quarter last year.
Selling, general and administrative expense was $56.95 million, up from $51.20 million in the year. Operating income for the quarter declined to $38.08 million from $39.03 million in the comparable quarter last year.
For the nine months, net income declined to $59.1 million or $0.63 per share from $73.4 million or $0.79 per share in the prior-year. Revenue was $392.4 million, down 4% from $409.1 million last year.
BARE closed Thursday's regular trading at $12.49, up $0.70 or 5.94% on a volume of 0.89 million shares and in the after hours is trading at $13.50, up $1.01 or 8.09% on the Nasdaq.
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