NEW YORK (AP) -- Revlon Inc.'s first-quarter net income dropped 18 percent, stung by unfavorable foreign currency fluctuations and a higher provision for income taxes.
The beauty products maker earned $8.5 million, or 16 cents per share, compared with $10.4 million, or 20 cents per share, a year earlier.
Revlon, whose brands include Almay, Mitchum and its namesake, said its provision for income taxes climbed to $11 million from $7.7 million in the quarter.
Revenue for the three months ended March 31 slipped 1 percent to $330.7 million from $333.2 million.
The New York-based company said that its revenue rose to $334.7 million when removing unfavorable foreign currency fluctuations.
Sales climbed in Canada and the Asia Pacific region, but fell in the U.S., Europe, the Middle East, Africa and Latin America.
Revlon said sales climbed for its Revlon color cosmetics and Revlon ColorSilk hair color and that it benefits from a full quarter of sales for its SinfulColors nail polish brand. This was somewhat offset by lower sales of Almay color cosmetics and fragrances and declining sales in Venezuela due to a fire at its plant there in June.
Shares of Revlon closed Wednesday at $17.47, up 7.8 percent for the year.
