Net sales in the first nine months of 2013 slipped 1.3% to $1.0 billion. In the US, net sales were $581.8 million, essentially unchanged year-over-year.
Commenting on today’s announcement, Revlon Vice Chairman and Interim Chief Executive Officer, David L. Kennedy, commented “Our net sales during the third quarter increased modestly year-over-year as we grew in each of our international regions, offsetting lower net sales in the US. We maintained strong operating margins, which in part benefited from the execution of our 2012 restructuring plans. We will continue our intense focus on building our brands through innovative, high quality new products, effective brand communication, appropriate levels of advertising and promotion, and superb execution in all aspects of our business.”
Kennedy continued, “The recently announced acquisition of The Colomer Group represents a significant, strategic step forward for the Company. The Colomer Group primarily markets and sells professional products to salons and other professional channels, complementing Revlon’s primarily mass-channel business. The combination provides us with a strong platform on which to generate profitable growth. Further, the combination will provide enhanced product innovation and marketing capabilities, and will broaden the Company’s scale, brand and geographic scope. We expect the acquisition to provide cost synergies and that it will be accretive to cash flow and earnings in the first year. Over the coming months our focus will be to ensure the success of the combined business.”
As previously reported in Happi, the company completed its acquisition of The Colomer Group, including the Revlon Professional business, for a cash purchase price of $665 million.