10.31.08
Cosmetics company Bare Escentuals Inc. said Thursday fiscal third-quarter profit rose 12%, but results missed analyst expectations amid a weakening economic environment.
Shares fell $1.62, or 23.6% to $5.25 during aftermarket electronic trading.
Profit for the quarter ended Sept. 28 rose 12% to $22.9 million, from $20.5 million.
Revenue rose 3% to $130.2 million.
Analysts polled by Thomson Reuters, on average, predicted a profit of 26 cents per share on revenue of $142.8 million.
The San Francisco-based company lowered its fiscal year guidance and said the economic climate is putting pressure on the consumer. It added it is cutting costs and making changes to become a "leaner and more effective organization."
