U.S. cosmetics company Elizabeth Arden Inc said it is evaluating strategic alternatives after reporting much weaker-than-expected quarterly results due to falling demand for its perfumes, sending its shares down 16 percent after the bell.The company said it has engaged Goldman Sachs to explore strategic alternatives but did not give details.Reuters reported in April that the beauty products company had hired Goldman Sachs to explore a sale and had reached out to a small group of potential buyers.The company's sales have been hit by a pullback in consumer spending on beauty products in the North American retail market as well as deep discounting in key European markets that have eroded profit margins in recent quarters.
Elizabeth Arden, Inc. is a beauty products company with a range of portfolio of fragrance, skin care and cosmetics brands. Shares of RDEN traded higher by 1.89% or $0.66/share to $35.63. In the past year, the shares have traded as low as $23.45 and as high as $49.47. On average, 295795 shares of RDEN exchange hands on a given day and today's volume is recorded at 304004.
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