Q3 slips for Revlon, but company looks forward to future
NEW YORK Beauty company Revlon announced on Thursday a 2.2% dip in net sales as net income narrowed during the third quarter, but executives remained optimistic as the manufacturer gears up for 2011 with a new global chief marketing officer in place.
"We remain focused on delivering profitable net sales growth in all of our markets. We recently strengthened our senior management team, including the appointment of Julia Goldin as global chief marketing officer. Under Julia's leadership, coupled with our competitive pipeline of consumer-preferred new products planned for 2011 and beyond, we see a tremendous opportunity to further integrate marketing strategy and execution across all brands and regions," stated Alan Ennis, Revlon president and CEO.
Net sales during the quarter ended Sept. 30 slipped 2.2% to $319 million. Net income totaled $12.5 million, or 24 cents per diluted share, compared with $23.1 million, or 45 cents per diluted share, in the year-ago period. In the United States, net sales during the quarter were $166.7 million, a decrease of 9.3%. The drop in sales primarily was driven by Revlon color cosmetics and Almay color cosmetics.
As previously reported by Drug Store News, Revlon announced in September the appointment of Julia Goldin as SVP and global chief marketing officer, overseeing all marketing activities for its portfolio of brands. She brings more than 20 years of experience within the consumer packaged goods business, beginning her marketing career at Quaker Oats in Chicago. She then spent 13 years with the Coca-Cola Co. where she held senior executive marketing positions in the United States, Europe and Asia, most recently as SVP and deputy chief marketing officer of Coca-Cola Japan. Prior to that, Goldin led Coca-Cola's marketing in the United Kingdom and later in Northwest Europe.