Cosmetic Center's shares down 20%

January 12, 1995|By Bloomberg Business News

NEW YORK -- Cosmetic Center Inc.'s shares fell 20 percent amid concern the drug and cosmetic retailer will post lackluster sales through the first half of 1995.

The Savage, Md.-based company confirmed that outlook when it reported a half-hour before the close of trading that December sales were unchanged from a year earlier at $19.3 million. The company partly blamed poor fragrance sales for the lackluster results.

Cosmetic Center's Class A shares fell $2.50, to $9.75 -- the lowest since Oct. 16, 1991. About 65,600 shares were traded on the Nasdaq stock market, about five times the stock's three-month daily average of 13,000.

Analysts at Legg Mason Inc. and Scott & Stringfellow Inc. lowered their recommendations on the company's stock before the sales numbers were released.

Michael Mead, who covers the seller and distributor of brand-name cosmetics, fragrances and beauty aids at Legg Mason Inc. in Baltimore, lowered the stock to "hold" from "buy," traders at the firm said.

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.