Revlon, Inc. announced first quarter net sales were $320.4 million, compared to $328.6 million for the first quarter of 2007. Operating income was $32.5 million, up from $3 million in the first quater of 2007.
"Our strong financial results for the first quarter of 2008 builds upon our performance in 2007," said David Kennedy, president and CEO, Revlon. "These results continue to validate our strategy, and we remain focused on increasing the value of our company by building the Revlon brand."
The improvement in operating income, net loss and adjusted EBITDA in the first quarter of 2008 compared to the same period last year (excluding the one-time items mentioned in the paragraph above) was due mainly to lower selling, general and administrative expenses, primarily due to the fact that the first quarter of 2007 included significant brand support expenses related to the launch of Revlon Colorist hair color. The company continued to support its brands worldwide with comparable levels of dollar spending compared to the first quarter of last year, excluding the brand support in the first quarter of 2007 related to the launch of Revlon Colorist.
For the full report, click here.