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.
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Tria Beauty names CEO
DUBLIN, Calif. — Tria Beauty, a maker of at-home beauty devices, has named Peter Wyles as the company's president and CEO.
Prior to joining Tria Beauty, Wyles served as president and CEO of several companies, including ReVENT Medical and Ventus Medical. Wyles spent 15 years at Bayer HealthCare, where he held executive roles in the consumer, pharmaceutical and medical device businesses both in the United States and internationally.
During his career, Wyles launched more than 20 products globally across multiple consumer channels, working with advertising agencies, retailers and commercial partners.
"I am very excited to join Tria Beauty and assume leadership of this leading light-based skincare company," said Wyles. "I look forward to expanding Tria's global footprint on its path to revolutionizing skincare."