Bare Escentuals Net Income Grows 22 Percent

SAN FRANCISCO-- Bare Escentuals, Inc. (Nasdaq: BARE) announced financial results for the second fiscal quarter and six months ended June 29, 2008.
Net sales for the second quarter of fiscal 2008 were $138.5 million, an increase of approximately 12 percent from $124.1 million recorded in the same period last year. Net income for the second quarter of fiscal 2008 was $24.7 million, or $0.26 per diluted share, an increase of 22 percent compared to $20.2 million, or $0.22 per diluted share, in the second quarter of fiscal 2007.
For the six months ended June 29, 2008, net sales increased 16 percent to $278.9 million, from $239.8 million in the same period last year. Net income for the first six months of 2008 was $50.5 million, or $0.54 per diluted share, an increase of 24 percent compared to net income of $40.6 million, or $0.44 per diluted share, during the same period last year.
"We are pleased with our overall performance in the quarter," said Leslie Blodgett, Chief Executive Officer. "The strength of the Bare Escentuals brand helped us to extend our leading market share in face makeup, and we continue to make strides in the eye, lip, and skincare categories."
Leslie added: "While we remain mindful of trends surrounding consumer spending and are thus taking a more conservative view towards sales growth, we continue to have confidence in our ability to expand our product offering, develop more points of distribution and deliver earnings in line with our prior expectations."
For fiscal 2008, the company expects sales growth to be in the range of 15 to 20 percent compared to the prior year. The company continues to expect diluted earnings per share for fiscal 2008 to be in the range of $1.13 to $1.18.

SOURCE: Bare Escentuals, Inc.

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