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Revlon Reports Year 2010, Q4 Financials

Posted: February 22, 2011

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In the United States, net sales in 2010 were $729.1 million, a decrease of $18.8 million or 2.5%, compared to $747.9 million in 2009, driven primarily by lower net sales of Almay color cosmetics, Revlon ColorSilk hair color and Mitchum antiperspirant deodorant, partially offset by higher net sales of Revlon color cosmetics. Net sales of color cosmetics benefitted from lower promotional allowances as the company continued to optimize its brand support mix, and also benefitted from lower returns.

In Asia Pacific, net sales in 2010 were $209.9 million, an increase of $20.8 million or 11.0%, compared to $189.1 million in the same period last year. Excluding the favorable impact of foreign currency fluctuations, net sales increased $6.0 million, or 3.2%. Higher net sales of Revlon color cosmetics, Revlon ColorSilk hair color and other beauty care products in the region were partially offset by lower net sales of Revlon color cosmetics in Australia and Japan.

In Europe, Middle East and Africa, net sales in 2010 were $200.4 million, an increase of $16.6 million or 9.0%, compared to $183.8 million in the same period last year. Excluding the favorable impact of foreign currency fluctuations, net sales increased $8.6 million, or 4.7%. The increase was primarily due to higher net sales of fragrances throughout the region as well as higher net sales of color cosmetics and other beauty care products in South Africa.

In Latin America, net sales in 2010 were $107.9 million, a decrease of $1.0 million or 0.9%, compared to $108.9 million in the same period last year. Excluding the unfavorable impact of foreign currency fluctuations (which includes the unfavorable impact of the January 2010 devaluation of Venezuela's local currency relative to the U.S. dollar), net sales in Latin America increased $32.1 million, or 29.5%. The increase was primarily due to higher net sales of Revlon ColorSilk hair color, Revlon color cosmetics and other beauty care products in both Venezuela and certain distributor markets. Higher selling prices in Venezuela, reflecting market conditions and inflation, accounted for approximately half of the $32.1 million net sales increase in the region.

In Canada, net sales in 2010 were $74.1 million, an increase of $7.9 million or 11.9%, compared to $66.2 million in the same period last year. Excluding the favorable impact of foreign currency fluctuations, net sales in Canada increased $1.4 million, or 2.1%. The increase was primarily driven by higher net sales of Revlon color cosmetics which were partially offset by lower net sales of Revlon beauty tools.