Redken Profit Off 89%; Sales Slump Is Blamed
Redken Laboratories, blaming a sharp drop in its domestic sales, said its earnings fell 89%, to $147,000, or 5 cents a share, in the third quarter ended April 30.
The Canoga Park-based hair care and cosmetics firm reported that sales fell 12.2%, to $22.6 million. Redken attributed the decline partly to heavy competition and to reduced buying by one of its largest regional distributors.
For the nine months ended April 30, Redken’s earnings fell 72%, to $1.6 million, or 54 cents a share. Sales dropped 7%, to $74.7 million.