Cosmetic & Fragrance Concepts Inc.
Chairman Louis R. Weinstein announced dramatically increased net earnings -- up 86 percent -- for the fiscal year. Mr. Weinstein attributed the earnings growth of the Savage-based cosmetics and beauty-aids retailer to its more aggressive sales plans, improved gross margins and cost-control measures. Consolidated revenues climbed 17 percent for the period, while same-store sales rose 13 percent.
During the fourth quarter, the company moved to larger warehouse and office space in Savage. The move hurt fourth-quarter earnings, though it should afford the company greater operating efficiencies, Mr. Weinstein said.
Also during the quarter, the company opened seven new stores in time for the post-Thanksgiving shopping season, pushing its total up 26 percent, to 34 stores, Mr. Weinstein said.