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Feb 26 (Reuters) - Cosmetics maker Bare Escentuals Inc’s BARE.O quarterly profit rose nearly 66 percent, beating market expectations, driven by higher sales in its retail and wholesale segments, and backed its 2008 outlook.
The company reported fourth-quarter earnings of $27.0 million, or 29 cents a share, up from $16.3 million, or 18 cents a share, a year earlier.
Net sales rose about 31 percent to $144.6 million. Total retail segment sales rose about 16 percent, while total wholesale segment sales increased 44 percent.
The company sells its cosmetics, skin care and body care products under bareMinerals, RareMinerals and namesake Bare Escentuals brands.
Analysts on average were expecting a profit of 27 cents a share, before special items, on revenue of $142.5 million, according to Reuters Estimates.
For 2008, the company continues to expect earnings of $1.13 to $1.18 a share and sales to grow in the range of 20 percent to 25 percent.
Analysts were expecting earnings of $1.18 a share, before special items, on revenue of $631.0 million, for the period.
Bare Escentuals competes with several makeup and skin care companies which market many brands including Avon, Chanel, Clarins, Clinique, Estee Lauder, L‘Oreal, MAC and Neutrogena. (Reporting by Dilipp S. Nag in Bangalore; Editing by Himani Sarkar)