Bare Escentuals announces third quarter 2008 results

SAN FRANCISCO Cosmetic company Bare Escentuals announced Thursday their 2008 third fiscal quarter results ending Sept. 28, 2008.

Net sales for the third fiscal quarter were $130.2 million, a 3 percent increase from $126.6 million in the same period last year. Third-quarter net income was up 12 percent, from $20.5 million, or $0.22 per diluted share, to $22.0 million, or $0.25 per diluted share.

For the nine months ended September 28, 2008, Bare Escentuals reported a 12 percent increase in net sales from $366.4 million in the same period last year to $409.1 million this year. Net income showed a 20 percent increase from $61.1 million, or $0.66 per diluted share, to $73.4 million, or $0.79 per diluted share. The company expects a 10 percent sales and earnings growth compared to last year.

“While the challenging economic climate is clearly putting pressure on the consumer, we continue to grow although we recognize that we can do things better,” said Leslie Blodgett, chief executive officer. “We are taking proactive steps to further distinguish ourselves from competition, strengthen and grow our customer base, and extend our leading market share.

“We recently took actions aimed at rationalizing the operating and cost structure of the company. The result is a leaner and more effective organization, which we believe is necessary to navigate the current difficult economic environment and best position the company for sustained, profitable growth.”