Revlon, Inc. reported its first quarter 2012 results compared to first quarter 2011, with net sales of $330.7 million compared to $333.2 million. Excluding the unfavorable impact of foreign currency fluctuations of $4.0 million, first quarter 2012 net sales increased $1.5 million or 0.5% compared to the first quarter of 2011. Operating income was $44.3 million compared to $44.7 million. Income before income taxes of $19.5 million compared to $18.1 million. The first quarter of 2012 benefited from higher net sales of Revlon color cosmetics and Revlon ColorSilk hair color, and the inclusion of the net sales of SinfulColors for a full quarter. These increases were partially offset by lower net sales of Almay color cosmetics and fragrances, as well as lower net sales in Venezuela due to the June 2011 fire at the Company's local facility.
According to the company the first quarter of 2012 was impacted primarily by the renewal and partial prepayment of certain multi-year insurance programs; higher sales returns and allowances as expected and previously accrued for by the Company in the fourth quarter of 2011; and other changes in working capital. "We continue to focus on driving top-line profitable growth and, in the first quarter of 2012, we grew net sales and delivered competitive margins. We remain focused on building our strong brands by launching and appropriately supporting innovative new products and we are pleased with our new product launches so far this year," said Revlon President and Chief Executive Officer, Alan T. Ennis.