Bare Escentuals posts double-digit Q1 sales gains

SAN FRANCISCO Bare Escentuals posted double-digit sales gains during the first quarter and stated that it is on track to expand its presence domestically and internationally.

Net sales for the quarter ended March 30 totaled $140.4 million, up about 21 percent from $115.6 million in the year-ago period.

Net income totaled $25.8 million, or 28 cents per share, compared with $20.4 million, or 22 cents per share, in the year-ago period.

“We are pleased with our strong start to 2008 which reflects a continuation of the positive brand momentum experienced in 2007,” stated Leslie Blodgett, chief executive officer. “We are on track to significantly expand our points of presence domestically and internationally, including our recent launch at Selfridges in London, our first department store in the United Kingdom. At the same time, we’re excited about our new business initiatives, including the growth of our mineral skin care line, RareMinerals.”

For fiscal 2008, the company continues to expect sales to grow in the range of 20 percent to 25 percent and diluted earnings per share are expected to range between $1.13 and $1.18 on about 93.8 million shares outstanding.