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Revlon Reports Year 2010, Q4 Financials

Posted: February 22, 2011

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Net sales in the fourth quarter of 2010 were $369.2 million, compared to $344.6 million in the fourth quarter of 2009, an increase of $24.6 million, or 7.1%. Excluding unfavorable foreign currency fluctuations of $6.5 million, net sales increased by 9.0%, driven primarily by higher net sales of Revlon and Almay color cosmetics.

In the United States, net sales in the fourth quarter of 2010 were $201.0 million, an increase of $14.0 million, or 7.5%, compared to $187.0 million in the same period last year, driven primarily by higher net sales of Revlon and Almay color cosmetics, partially offset by lower net sales of Revlon ColorSilk hair color and Mitchum anti-perspirant deodorant. The increase in net sales of color cosmetics resulted primarily from lower returns, as well as lower promotional allowances as the Company continued to optimize its brand support mix.

In Asia Pacific, net sales in the fourth quarter of 2010 were $60.8 million, an increase of $10.5 million or 20.9%, compared to $50.3 million in the same period last year. Excluding the favorable impact of foreign currency fluctuations, net sales increased $7.5 million, or 14.9%, driven by higher net sales of Revlon color cosmetics and other beauty care products throughout the region, most notably in Australia.

In Europe, Middle East and Africa, net sales in the fourth quarter of 2010 were $56.7 million, an increase of $1.4 million or 2.5%, compared to $55.3 million in the same period last year. Excluding the favorable impact of foreign currency fluctuations, net sales increased $0.5 million, or 0.9%.

In Latin America, net sales in the fourth quarter of 2010 were $29.9 million, a decrease of $3.3 million or 10.0%, compared to $33.2 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 $8.0 million, or 24.1%. The increase was primarily due to higher net sales of Revlon color cosmetics and Revlon ColorSilk hair color. Higher selling prices in Venezuela, reflecting market conditions and inflation, accounted for approximately two-thirds of the $8.0 million net sales increase in the region.