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Revlon Q4 and 2006

This article was originally published in The Rose Sheet

Executive Summary

Lower shipments of color cosmetics resulted in a 20.7% plunge in U.S. sales to $227.1 mil. for the fiscal year 2006 fourth quarter (ended Dec. 31), Revlon announces March 13. International sales remained flat at $151.8 mil., as low-single-digit declines in Asia Pacific and Europe offset double-digit growth in Latin America, firm says. Overall, Q4 sales dropped 13.5% from the prior-year period to $378.9 mil., as the firm continues its "organizational streamlining" following the September discontinuance of Vital Radiance. For the full year, sales were flat at $1.33 bil. Domestic sales declined 3% to $764.9 mil., with higher sales of Revlon and Almay partially compensating for the Vital Radiance discontinuance. Internationally, sales grew 4.1% to $566.5 mil. on higher shipments in Europe and Latin America. Net loss in 2006 was $251.3 mil., compared with a net loss of $83.7 mil. in 2005. "Our results for the year reflect the important and costly decisions we have made to position Revlon for future success," Revlon President and CEO David Kennedy said, adding that the firm plans to focus on improving profitability and cash flow in 2007...
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