NEW YORK — Revlon, which recently added the Sinful Colors brand to its portfolio, announced on Thursday an upswing in first-quarter net sales and net income.
"Our first-quarter results demonstrate the continued execution of our business strategy and our focus on driving growth," stated Alan Ennis, Revlon president and CEO. "Net sales increased 9% year-over-year, we delivered net sales growth in all regions and we added the Sinful Colors brand to our portfolio in March 2011. We also sustained competitive operating margins while significantly increasing investment to support our brands. We remain focused on delivering on our strategic objective of profitably growing our business."
On March 17, Revlon acquired certain assets, including trademarks and inventory, related to Sinful Colors cosmetics, as well as other brands with products that are sold primarily in the U.S. mass market.
For the quarter ended March 31, Revlon's net sales totaled $333.2 million, up 9.1%, compared with the year-ago period. Net income totaled $10.4 million, or 20 cents per diluted share, compared with $2.2 million, or 4 cents per share, in the year-ago period.
In the United States, net sales were $186.2 million, up 2.3%, compared with the year-ago period. The increase was driven primarily by higher net sales of Revlon and Almay color cosmetics, which partially were offset by lower net sales of Revlon ColorSilk hair color. Net sales of Revlon color cosmetics increased in part because of lower promotional allowances as compared with first quarter 2010.