UPDATE: Elizabeth Arden Posts Wider FQ4 Loss, Shares Tumble

Shares of Elizabeth Arden

tumbled more than 22% in pre-market trading after the company released fiscal fourth-quarter results. The Miramar, Florida-based company posted a quarterly loss of $155.9 million, or $5.24 per share, versus a year-ago loss of $5.01 million, or $0.17 per share. Excluding non-recurring costs, Elizabeth Arden lost $1.04 per share. Its sales declined 28.4% to $191.7 million versus $267.6 million. Its adjusted sales came in at $201.2 million in the quarter. However, analysts were expecting earnings of $0.34 per share on revenue of $241.64 million. For the 2014 fiscal year, net sales at Elizabeth Arden's North America segment dropped 14%, while sales at international segment fell 8% at constant currency rates. E. Scott Beattie, Chairman, President and Chief Executive Officer said, “Our primary focus as an organization is to improve performance and restore profitability and return on invested capital to levels consistent with historical results.” Elizabeth Arden reported that funds affiliated with Rhone Capital have agreed to buy $50 million in preferred shares and receive warrants for 2.5 million shares. Rhone Capital also plans to increase ownership over time. Rhône Capital has agreed to enter into a standstill with Elizabeth Arden, pursuant to which it will not acquire more than 30% of common stock. Elizabeth Arden shares dropped 22.49% to $15.20 in pre-market trading.