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TheStreet Open House

Revlon Reports Third Quarter 2012 Results

Third Quarter 2012 Results

Note: The results of operations related to Pure Ice are included in the Company's consolidated financial statements commencing on the date of acquisition, July 2, 2012.

Net sales in the third quarter of 2012 were $347.0 million, an increase of $9.8 million, or 2.9%, compared to $337.2 million in the same period last year. Excluding unfavorable foreign currency fluctuations of $6.4 million, net sales increased by $16.2 million, or 4.8%. The increase was primarily driven by higher net sales of Revlon color cosmetics, as well as the inclusion of the net sales of Pure Ice.

In the United States, net sales in the third quarter of 2012 were $192.0 million, an increase of $7.3 million, or 4.0%, compared to $184.7 million in the same period last year. The increase was primarily driven by higher net sales of Revlon color cosmetics and the inclusion of the net sales of Pure Ice. These increases were partially offset by lower net sales of Almay color cosmetics, Revlon ColorSilk and Mitchum anti-perspirant deodorant.

In Asia Pacific, net sales in the third quarter of 2012 were $60.9 million, an increase of $2.9 million, or 5.0%, compared to $58.0 million in the same period last year. Excluding the unfavorable impact of foreign currency fluctuations, net sales increased $3.2 million, or 5.5%, primarily due to higher net sales of Revlon color cosmetics in Japan and certain distributor territories, partially offset by lower net sales of Revlon color cosmetics in China.

In Europe, Middle East and Africa, net sales in the third quarter of 2012 were $43.8 million, a decrease of $7.3 million, or 14.3%, compared to $51.1 million in the same period last year. Excluding the unfavorable impact of foreign currency fluctuations, net sales decreased $2.8 million, or 5.5%, primarily due to a higher returns accrual of $1.6 million associated with the previously announced restructuring and related activities in France and Italy, as well as lower net sales of fragrances in the U.K. and certain distributor territories and lower net sales of Revlon color cosmetics in Italy. These unfavorable impacts were partially offset by higher net sales of Revlon color cosmetics in South Africa.

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