(Mark One)

[x]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 1-6370

ELIZABETH ARDEN, INC.

(Exact name of registrant as specified in its charter)

Florida

59-0914138

(State or other jurisdiction of incorporation
or organization)

(I.R.S. Employer
Identification No.)

14100 N.W. 60th Avenue, Miami Lakes, Florida

33014

(Address of principal executive offices)

(Zip Code)

(305) 818-8000

(Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  [X]      No  [  ]

     Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).     Yes  [X]      No  [  ]

     Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

Class

Outstanding at
May 6, 2005

Common Stock, $.01 par value

29,139,830 Shares

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements

Page No.

Unaudited Consolidated Balance Sheets - March 31, 2005 and June 30, 2004

3

Unaudited Consolidated Statements of Operations - Three and nine months ended March 31,
2005 and April 3, 2004

4

Unaudited Consolidated Statement of Shareholders' Equity - Nine months ended March 31,
2005

5

Unaudited Consolidated Statements of Cash Flow - Nine months ended March 31, 2005 and
April 3, 2004

6

Notes to Unaudited Consolidated Financial Statements

7

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4.

Controls and Procedures

40

PART II

OTHER INFORMATION

Item 6.

Exhibits

41

Signatures

43

Exhibit Index

44

ELIZABETH ARDEN, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)

As of

March 31,

June 30,

2005

2004

ASSETS

Current Assets

Cash and cash equivalents

$

25,966

$

23,494

Accounts receivable, net

175,889

102,306

Inventories

260,640

258,638

Deferred income taxes

5,796

16,723

Prepaid expenses and other assets

14,240

15,914

Total current assets

482,531

417,075

Property and equipment, net

39,469

37,198

Other Assets

Exclusive brand licenses, trademarks and intangibles, net

188,459

191,842

Debt financing costs, net

8,216

9,027

Deferred income taxes and other

5,763

8,544

Total other assets

202,438

209,413

Total assets

$

724,438

$

663,686

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

Short-term debt

$

67,700

$

65,900

Accounts payable - trade

95,646

106,375

Other payables and accrued expenses

64,726

48,164

Current portion of long-term debt

--

4,764

Total current liabilities

228,072

225,203

Long-term debt

233,802

233,802

Other

2,394

2,621

Total long-term liabilities

236,196

236,423

Total liabilities

464,268

461,626

Commitments and contingencies (See Note 8)

Convertible, redeemable preferred stock, Series D, $.01 par value, 559,873
  shares authorized; no shares issued and outstanding

--

--

Shareholders' Equity

Common stock, $.01 par value, 50,000,000 shares authorized; 29,128,497
  and 28,169,941 shares issued and outstanding, respectively

291

282

Additional paid-in capital

248,452

228,891

Retained earnings (accumulated deficit)

20,071

(22,057

)

Accumulated other comprehensive income

3,923

2,806

Unearned deferred compensation

(12,567

)

(7,862

)

Total shareholders' equity

260,170

202,060

Total liabilities and shareholders' equity

$

724,438

$

663,686

ELIZABETH ARDEN, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Amounts in thousands, except per share data)

Three Months Ended

Nine Months Ended

March 31,
2005

April 3,
2004

March 31,
2005

April 3,
2004

Net sales

$

198,317

$

182,188

$

733,424

$

677,429

Cost of sales (excludes depreciation of $681, 884,
  2,052 and 2,745 respectively, included below)

102,431

98,667

406,424

392,712

Gross profit

95,886

83,521

327,000

284,717

Operating expenses

Selling, general and administrative

76,907

63,385

231,809

193,216

Depreciation and amortization

5,176

5,273

16,158

15,758

Total operating expenses

82,083

68,658

247,967

208,974

Income from operations

13,803

14,863

79,033

75,743

Other expense:

Interest expense, net

5,582

6,772

17,841

26,623

Debt extinguishment charges

--

29,359

--

38,805

Other

--

(4

)

--

(5

)

Other expense, net

5,582

36,127

17,841

65,423

Income (loss) before income taxes

8,221

(21,264

)

61,192

10,320

Provision for (benefit from) income taxes

2,602

(10,725

)

19,064

(1,661

)

Net income (loss)

5,619

(10,539

)

42,128

11,981

Accretion and dividend on preferred stock

--

593

--

2,291

Accelerated accretion on converted preferred stock

--

--

--

18,584

Net income (loss) attributable to common
  shareholders

$

5,619

$

(11,132

)

$

42,128

$

(8,894

)

Net income (loss) per common share (See Note 2):

Basic

$

0.20

$

(0.46

)

$

1.53

$

(0.41

)

Diluted

$

0.19

$

(0.46

)

$

1.41

$

(0.41

)

Weighted average number of common shares:

Basic

27,888

24,202

27,582

21,584

Diluted

30,164

24,202

29,890

21,584

ELIZABETH ARDEN, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY

(Unaudited)

(Amounts in thousands)

Common Stock

Additional
Paid-in
Capital

Retained
Earnings
(Accumulated
Deficit)

Accumulated
Other
Comprehensive
Income

Unearned
Deferred
Compensation

Total
Shareholders'
Equity

Shares

Amount

Balance at June 30, 2004

28,170

$

282

$

228,891

$

(22,057

)

$

2,806

$

(7,862

)

$

202,060

Issuance of common stock
  upon exercise of stock
  options

524

5

5,239

5,244

Issuance of common stock for
  employee stock purchase plan

46

810

810