Revlon, Inc. announced results for the first quarter ended March 31, 2012. The company saw net sales of $330.7 million, compared to $333.2 million in Q1 2011. Excluding the unfavorable impact of foreign currency fluctuations of $4 million, first quarter 2012 net sales increased $1.5 million.
Commenting on the announcement, Revlon president and CEO Alan T. Ennis said, "We continue to focus on driving top-line profitable growth and, in the first quarter of 2012, we grew net sales and delivered competitive margins. We remain focused on building our strong brands by launching and appropriately supporting innovative new products and we are pleased with our new product launches so far this year."
The first quarter of 2012 benefited from higher net sales of Revlon color cosmetics and Revlon ColorSilk hair color and the inclusion of the net sales of SinfulColors for a full quarter. These increases were partially offset by lower net sales of Almay color cosmetics and fragrances, as well as lower net sales in Venezuela due to the June 2011 fire at the company's local facility. In 2011, the results of operations from the SinfulColors acquisition were included in the consolidated financial statements commencing on the date of acquisition, March 17, 2011.
In the United States, net sales in the first quarter of 2012 were $184.7 million, a decrease of $1.5 million, or 0.8%, as compared to $186.2 million in the same period last year. Lower net sales of Almay color cosmetics and Revlon beauty tools were partially offset by the inclusion of the net sales of SinfulColors for a full quarter in 2012.
In Asia Pacific, net sales in the first quarter of 2012 were $56.1 million, an increase of $3 million, or 5.6%, compared to $53.1 million in the same period last year. Excluding the favorable impact of foreign currency fluctuations, net sales increased $1.2 million, or 2.3%, primarily due to higher net sales of Revlon color cosmetics in certain distributor markets.
In Europe, Middle East and Africa, net sales in the first quarter of 2012 were $45.8 million, a decrease of $3.9 million, or 7.8%, compared to $49.7 million in the same period last year. Excluding the unfavorable impact of foreign currency fluctuations, net sales decreased $0.8 million, or 1.6%, primarily due to lower net sales of fragrances in Italy and certain distributor markets, partially offset by higher net sales of Revlon color cosmetics in certain distributor markets.
In Latin America, net sales in the first quarter of 2012 were $26.3 million, a decrease of $0.7 million, or 2.6%, compared to $27.0 million in the same period last year. Excluding the unfavorable impact of foreign currency fluctuations, net sales increased $1.7 million, or 6.3%. The increase was primarily due to higher net sales of Revlon color cosmetics and Revlon ColorSilk hair color, partially offset by lower net sales in Venezuela, where the Company had not fully resumed business since the June 2011 fire that destroyed the Company's local facility.
In Canada, net sales in the first quarter of 2012 were $17.8 million, an increase of $0.6 million, or 3.5%, compared to $17.2 million in the same period last year. Excluding the unfavorable impact of foreign currency fluctuations, net sales increased $0.9 million, or 5.2%, primarily due to higher net sales of Revlon color cosmetics and Revlon beauty tools.
More information on this financial report is available here.
