Revlon posts 3Q profit on gain from unit sale

NEW YORK - Cosmetics maker Revlon Inc. said Wednesday it swung to a third-quarter profit on a one-time gain from the sale of a unit.

Revlon, which is controlled by financier Ron Perelman, posted earnings of $29.2 million, or 57 cents per share, compared with a loss of $10.4 million, or 20 cents per share, last year.

Profit in the most recent quarter included income of 86 cents per share from discontinued operations, mostly on a one-time gain from the July sale of Revlon's Bozzano branded men's hair care and shaving line of products.

Sales rose 1 percent to $334.4 million from $330.8 million, helped by higher shipments of Revlon color cosmetics and new products.

The company plans to roll out new products in the first half of 2009, but warned that recent strength in the dollar will hurt fourth-quarter results.

"Looking ahead, we are managing our business with the objective of improving our financial performance and competitive position, while maintaining flexibility in light of the uncertain economic conditions and retail sales environment in the U.S. and around the world, which will likely affect sales for the remainder of 2008," President and Chief Executive David Kennedy said in a statement.

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