Redken Reports 12% Profit Hike, 4% Increase in Sales
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Redken Laboratories said its fiscal first-quarter profit climbed 12% from a year earlier on a 4% sales gain.
The Canoga Park-based maker of cosmetics and other personal-care goods said net income for the three months ended Oct. 31 was $1.39 million, or 47 cents a share, up from $1.26 million, or 42 cents a share, a year ago. Sales advanced to $30.6 million from $29.4 million.
Redken Chairman John E. Meehan attributed the gains to a lower corporate tax rate as well as higher sales and earnings from overseas markets.
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