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TheStreet Open House

Revlon's CEO Discusses Q2 2012 Results - Earnings Call Transcript

So with that, I will hand it over to Chris who will talk about our marketplace performance.

Chris Elshaw

Thank you Alan and good morning everyone. Today I will review our net sales performance excluding the impact of changes in foreign currencies. Total company net sales in the second quarter of 2012 were $357.1 million, an increase of 4.2 % as compared to the second quarter of last year. The increase was primarily driven by higher net sales of Revlon and Almay color cosmetics and Revlon ColorSilk hair color.

In the United States, net sales increased $9 million, or 4.6% primarily driven by higher net sales of Revlon color cosmetics.

In Asia Pacific, net sales decreased $1.7 million, or 2.9%, primarily driven by lower net sales of Revlon color cosmetics in China and Australia and lower net sales of other beauty care products in Hong Kong. These lower net sales were partially offset by higher net sales of Revlon color cosmetics and Revlon ColorSilk hair color in certain distributor territories.

Moving on to Europe, Middle East and Africa, net sales decreased $1.8 million, or 3.5%. The decrease was primarily due to lower net sales of fragrances in the U.K. and certain distributor territories as well as lower net sales of Revlon color cosmetics in France, Italy and certain distributor territories. This was partially offset by higher net sales of Revlon color cosmetics in the U.K, where we continue to be very pleased with a strong marketplace performance of the Revlon brand.

In Latin America, net sales increased of $7.3 million, or 27.8%, primarily due to higher net sales of Revlon and Almay color cosmetics and Revlon ColorSilk hair color throughout the region. Venezuela’s increase in net sales was primarily due to the absence of sales in June 2011 as a result of the fire that destroyed the Company’s facility there last year. Net sales in the region also benefitted from higher selling prices in Venezuela and Argentina which accounted for approximately one-third of the $7.3 million net sales increase in the region. Finally, with respect to our Canada region net sales increased $2.1 million or 10.8% primarily due to high net sales of Revlon and Almay color cosmetics.

Read the rest of this transcript for free on seekingalpha.com

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