Revlon sees lift in Q3

NEW YORK — Revlon announced on Wednesday a boost in third-quarter net income and sales.



For the quarter ended Sept. 30, net income totaled $14.6 million, or 28 cents per diluted share, compared with $9.5 million, or 18 cents per share, in the year-ago period.



Total company net sales increased to $472.3 million from $333.1 million in the year-ago period.



In the consumer segment, net sales decreased 0.9% to $348.2 million compared with pro forma net sales of $351.3 million in the third quarter of 2013. Excluding the impact of foreign currency fluctuations, net sales increased 2%, primarily driven by $8.8 million of favorable returns reserve adjustments in the United States as a result of lower expected discontinued products in the future related to the company's strategy to focus on fewer, bigger and better innovations, partially offset by increased returns expense for current year returns, the company stated.



The third quarter of 2014 also had lower net sales of Almay color cosmetics and SinfulColors color cosmetics, partially offset by higher net sales of Mitchum products, the company noted.



Consumer segment profit in the third quarter of 2014 was $78.1 million, as compared with pro forma consumer segment profit of $80.4 million in the third quarter of 2013. Excluding the impact of foreign currency fluctuations, consumer segment profit during the third quarter increased 1.6%.



In the United States, net sales were $243.8 million, compared with $234.8 million of pro forma U.S. net sales in the third quarter of 2013, an increase of 3.8%.



The beauty company provided pro forma results because of the acquisition of The Colomer Group in October 2013.