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Revlon Reports Net Income Gain in Q1 2009
Posted: May 1, 2009
Revlon, Inc. announced net sales for the first quarter 2009 were $303.3 million, compared to $311.7 million in the comparable 2008 quarter. Excluding unfavorable foreign currency fluctuations, first quarter of 2009 net sales grew 3.8%. Operating income was $31.6 million, compared to $32.0 million in 2008. The company's net income was $12.7 million, or $0.25 per diluted share1, compared to a net loss of $2.5 million, or $0.05 per diluted share in 2008.
“In the first quarter of 2009, we continued to execute our strategy, including our focus on the key drivers of profitable brand growth," said David Kennedy, president and CEO, Revlon. "We improved net income and free cash flow, reduced debt, grew Revlon color cosmetics U.S. retail sales over 9% and increased market share. We continue to manage our business while maintaining flexibility to adapt to changes in business conditions, including the ongoing economic uncertainties. We believe that continued execution of our strategy will, over time, generate profitable net sales growth and sustainable positive free cash flow."