Revlon reported a 1% increase in third quarter sales to $334.4 million, while posting net income of $29.2 million, vs. a loss of $10.4 million a year ago. However, the gain in profit is attributable to the July sale of Revlon’s Bozzano branded men’s hair care and shaving line of products, which are sold only in Brazil. The purchase price was $107 million.
“We have executed our strategy and profitably grown our business during the first nine months of this year. Specifically, we have launched a comprehensive and successful new lineup of Revlon and Almay color cosmetics products, supported our brands with appropriate levels of advertising and promotional support, increased our margins and improved our capital structure,” said David Kennedy, president and chief executive officer, Revlon.
For the nine months, sales rose nearly 2% to $1.01 billion. According to Mr. Kennedy, Revlon is confident about the new product introductions for the first half of 2009. More info: www.revlon.com