St. Ives Blames Decline on Repackaging

St. Ives Laboratories, a Chatsworth maker of shampoo and other beauty products, said its net income plunged 79% in the first quarter ended March 31 to $334,000 from $1.59 million a year before. St. Ives’ sales dropped 18% to $24.28 million for the three-month period from $29.60 million a year earlier.

St. Ives attributed the falling profit and revenue to the failure of a repackaged set of shampoos and conditioners introduced late in 1989. The company said it returned to its original packaging during the first quarter.