REVLON CUTS 3-MONTH LOSS TO 25.5M
NEW YORK — Citing continued growth in its domestic color cosmetics business and further expansion into foreign markets, Revlon Inc. narrowed its first-quarter loss to $25.5 million from $35.7 million a year ago.
The figures in the period, ended March 31, include $5.4 million in business consolidation costs, while the year-ago results included a $6.6 million early debt retirement charge.
Sales gained 6.1 percent to $492.5 million from $464.3 million. Earnings before interest, taxes, depreciation and amortization gained 10.6 percent to $39.7 million after special items.
Selling, general and administrative expenses were 45.4 percent of sales, down from 47.3 percent a year ago.
George Fellows, Revlon’s president and chief executive officer, said in a statement, “Momentum continues for both the Revlon and Almay franchises.”
In the U.S., net sales grew 8.8 percent to $282.5 million from $259.6 million. For the Revlon brand, strong sales of the ColorStay and Age Defying brands, as well as the spring Very Currant shade promotion and the StreetWear line of “alternative” colors, contributed to growth.
Almay’s sales were led by the Amazing, Clear Complexion and Time-Off makeup and skin care franchises.
International sales rose 2.6 percent to $210 million, or 6.3 percent, at constant exchange rates. Volume improved principally as a result of strong sales of seasonal makeup shades and the expansion of business into new markets, the company said.