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Revlon, Inc. announced results for the year and the fourth quarter ended December 31, 2010. The results included net sales of $1,321.4 million compared to $1,295.9 million in 2009, an increase of 2.0%, and operating income was $199.8 million compared to $170.8 million the previous year.
Commenting on the announcement, Revlon president and CEO Alan T. Ennis said, "In 2010, we continued to execute our business strategy. We grew the top line, improved our financial performance and strengthened our organizational capability with key management appointments in R&D, marketing and general management. From a financial perspective, we increased profitability, achieved competitive operating income and EBITDA margins, delivered our third consecutive year of positive free cash flow and improved our capital structure by refinancing and reducing our debt."
Ennis continued, "From a marketplace perspective, we introduced a number of successful, innovative, high quality, consumer preferred products across our entire portfolio and significantly increased investment behind our brands. We delivered positive performance in many of our key markets and remain focused on realizing our strategic objective of profitably growing our business."
Net sales in 2010 were $1,321.4 million, an increase of $25.5 million, or 2.0%, compared to net sales of $1,295.9 million in 2009. Excluding unfavorable foreign currency fluctuations of $3.8 million, net sales increased by 2.3%. Higher net sales of Revlon color cosmetics and Revlon ColorSilk hair color were partially offset by lower net sales of Almay color cosmetics and Mitchum antiperspirant deodorant.
As previously disclosed, effective for periods beginning January 1, 2010, the company reports Canada separately and reports South Africa as part of the Europe, Middle East and Africa region. As a result, prior year quarterly and year to date amounts have been reclassified to conform to this presentation.