Revlon announced its results for the first quarter ended March 31, 2014. It reported consumer net sales of $339.5 million (down 0.1%) and professional net sales of $130.3 million (up 18.5%), for total net sales of $469.8 million (up 4.4% overall).
The company’s consumer segment net sales decreased 0.1% in the first quarter of 2014, and, excluding the impact of foreign currency fluctuations, net sales for the quarter for the segment increased 2.8%, primarily driven by a 6.3 million favorable returns adjustment in the U.S. during the first quarter of 2014 as a result of lower expected discontinued products related to the company’s strategy to focus on fewer, bigger and better innovations, as well as higher net sales of Revlon ColorSilk hair color, partially offset by lower net sales of SinfulColors color cosmetics. The consumer also includes the results of The Colomer Group acquisition, which represent $15.5 million of net sales in the quarter.
Revlon’s professional segment net sales for the first quarter of 2014 were up 18.5%, and excluding the impact of foreign currency fluctuations, nets sales during the quarter increased 17.4% primarily due to higher sales of CND Shellac and American Crew products, as well as the launch of CND Vinylux in the second quarter of 2013 and new products under the Crème of Nature brand in the later part of 2013, which therefore were not part of comparable period in 2013.
Total company net sales in the U.S. in the first quarter of 2014 were $250.2 million, compared to $232 million in the first quarter of 2013, representing an increase of 7.8%. This increase was primarily due to higher net sales of CND Shellac and Vinylux and America Crew products, as well as the new Crème of Nature products. The total company international sales during the period were $219.6 million, compared to $218 million in the same time period in 2013. Taking into account currency exchange fluctuations, net sales during the quarter increased 4.8%, primarily driven by higher net sales of CND products through most of the international region, as well as higher net sales of Revlon color cosmetics in Japan.
Learn more about Revlon’s first quarter 2014 financial results, as well as its restructuring adjustments, here.