Revlon 3Q profit declines on slow sales

Revlon 3Q earnings decline as sales decline in the US and abroad

• On 3:51 pm EDT, Thursday October 29, 2009

NEW YORK (AP) -- Revlon Inc. on Thursday posted a lower third-quarter profit as sales slowed, but Chief Executive Alan T. Ennis said that the cosmetics company continues to save from cost-cutting.

Profit for the quarter ended Sept. 30 declined 21 percent to $23.1 million, or 45 cents per share, compared with $29.2 million, or 57 cents per share, last year.

Revenue declined 2.5 percent to $326.2 million from $334.4 million because of unfavorable currency rates.

In the U.S., sales declined 3 percent to $183.7 million. Abroad, sales declined nearly 2 percent to $142.5 million.

The company introduced several new products in the second half of 2009, including Revlon ColorStay Ultimate Liquid Lipstick and Revlon DoubleTwist Mascara.

The company lost market share in Revlon color cosmetics but gained market share in Revlon ColorSilk hair color.

"The organizational restructuring that we fully implemented earlier this year is delivering cost savings in line with our expectations," Chief Executive Officer Alan T. Ennis said in a statement

Shares of the company rose $2.45, or 43 percent, to $8.20.