Revlon posts Q1 decline

NEW YORK Revlon reported a sharp decline in its first-quarter net income, the company noted Thursday.

Net income in the first quarter 2010 was $2.2 million, or 4 cents per diluted share, compared with net income of $12.7 million, or 25 cents per diluted share, in the same period last year.

Meanwhile, net sales increased $2.2 million to $305.5 million, but excluding the favorable impact of foreign currency fluctuations of $9 million, net sales decreased by 2.2%. The company said the decline was driven primarily by lower net sales of Almay color cosmetics and Revlon beauty tools, due to the cycling of the 2009 launches of Almay Pure Blends and Revlon Pedi-Expert, respectively, partially offset by higher net sales of Revlon ColorSilk hair color and Revlon color cosmetics.

Revlon president and CEO Alan Ennis, said, “We continued to execute our business strategy and delivered improved profitability and cash flow in the first quarter of 2010. We remain focused on building our strong brands by launching and appropriately supporting innovative new products, such as Revlon PhotoReady makeup and Revlon ColorBurst lipstick. Also, we improved our capital structure by refinancing our term loan and revolving credit facilities.”