Revlon, Inc. announced net sales of $321.8 million compared for the second quarter ended June 30, 2009— compared to $366.5 million in second quarter of 2008. Excluding unfavorable foreign currency fluctuations of $16.7 million, second quarter of 2009 net sales declined 7.6%.
“We continue to focus on building our strong brands and are pleased with the performance of our key innovative new product launches, which we supported with appropriate levels of advertising and promotion," said Alan T. Ennis, president and CEO, Revlon. "In the second quarter of 2009, while the mass color cosmetics category in the U.S., according to ACNielsen, continued to grow, the rate of growth slowed and certain retailers reduced inventory levels versus the year ago period. We are continuing to execute our established business strategy, which has resulted in our improved financial performance during the past two years and that will, we believe, in time, generate profitable net sales growth and sustainable positive free cash flow.
“As part of our business strategy to improve our operating margins and cash flow, on May 28, 2009, we announced an organizational restructuring to reflect the more efficient work flows and processes that we have implemented during the past two years. The organizational restructuring, which has been fully implemented, is reducing our annualized costs by $30 million, of which $15 million will benefit our results in the second half of 2009. This action represented an important, necessary, and logical next step forward for Revlon, and is enabling us to become a stronger, more financially sound organization while continuing to invest in our people and our brands.”
Additional information is available from the company.