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Revlon sales lifted by good duty-free performance

Beauty supplier Revlon has announced its results for the first quarter of 2008. Net sales in the three months ended March 31 decreased 2.5% to $320.4m compared with the same period last year. However, the company registered an increase of 3.2% in net sales in the Asia/Pacific region—which includes Africa—due to higher shipments in South Africa, Hong Kong and Taiwan and the company’s duty-free business.

In the company’s international operations, net sales in the first quarter of 2008 increased 5.8% to $143.2m. EBITDA was $58.1m compared with $32.5m in the same period last year.

Revlon president and CEO David Kennedy said: “Our strong financial results for the first quarter of 2008 build upon our excellent performance in 2007. These results continue to validate our strategy and we remain focused on increasing the value of our company and building the Revlon brand. We have delivered improved margins and demonstrated our ability to control costs and improve cash usage. All combined we expect to generate sustainable profitable sales growth and positive free cash flow.”