Cosmetics company Revlon has reported third-quarter net income of $9.5m, compared to the net loss of $15m in the same period last year.
Operating income in the third quarter of 2013 was $41.8m, compared to $19.1m in the same period last year. The chain’s net sales for the third quarter dropped to $339.4m from $347m a year ago.
Geographically, net sales in the US and Asia Pacific were $185.8m and $58.9m, respectively while in Europe, Middle East and Africa sales were $46m.
In Latin America and Canada, net sales were $48.7m, a drop of 3.2%, compared to $50.3m in the same period last year.
Commenting on the results, Revlon vice chairman and interim chief executive officer David L. Kennedy said net sales during the third quarter increased modestly year-over-year as we grew in each of our international regions, offsetting lower net sales in the US.
"We maintained strong operating margins, which in part benefited from the execution of our 2012 restructuring plans.
"We will continue our intense focus on building our brands through innovative, high quality new products, effective brand communication, appropriate levels of advertising and promotion, and superb execution in all aspects of our business," Kennedy added.
During the third quarter, the company completed its acquisition of The Colomer Group, including the Revlon Professional business, for $665m.
For nine months, net sales were $1,021.4m, a drop of 1.3%, compared to net sales of $1,034.8m in the same period last year.
Operating income was $148.2m in the first nine months of 2013, compared to $106.2m in the first nine months of 2012.
Revlon’s global brand portfolio includes Revlon color cosmetics, Almay color cosmetics, SinfulColors color cosmetics, Pure Ice color cosmetics, Revlon ColorSilk hair color, Revlon beauty tools, Charlie fragrances, Mitchum anti-perspirant deodorants, and Ultima II and Gatineau skincare.