NEW YORK Revlon posted a double-digit gain in third-quarter net sales and a narrower net loss thanks in part to its restructuring efforts in 2006 and early 2007, and ongoing cost control. It also announced several product launches for early 2008, including a new longwearing minerals collection.
Net sales for the quarter ended Sept. 30 rose 11 percent to $339.7 million compared with net sales of $305.9 million in the year-ago period. Third-quarter 2006 sales were reduced by about $15 million from Vital Radiance.
Net loss was $10.4 million, or 2 cents per share, compared with a net loss of $100.5 million, or 24 cents per share, in the year-ago period.
Operating income was $20.7 million during the quarter versus an operating loss of $57.2 million in the year-ago period. In the third quarter 2006, Vital Radiance, executive severance and restructuring expenses reduced operating profitability by $72 million and adjusted EBITDA by about $64 million. Third quarter 2007 included restructuring expenses of $0.5 million.
Last year, the beauty company discontinued its Vital Radiance cosmetics line for mature women less than one year after its launch and cut about 250 jobs in the United States as part of the restructuring.
Looking to 2008, Revlon announced that it will introduce a new product line up for Revlon and Almay color cosmetics. The launches include differentiated and unique offerings for the mass channel, innovations in products and packaging and new technologies for the franchises.
Under the Revlon brand, first half 2008 cosmetics introductions include:
For Almay, first-half 2008 launches include: