Cosmetics group Elizabeth Arden has reported a surprise loss for the quarter and said that it has hired investment bank Goldman Sachs to explore its options as shares fell 23%.

Chief executive E Scott Beattie said that the firm has “a lot of work to do” after sales fell 20% to £211 million.

The firm blamed cold weather for weak demand in its home market of America,  where an “unprecedented number” of stores were forced to close, whilst heavy discounting overseas also contributed to the loss.