Revlon announces new CFO, as Q2 sales drop
Revlon, Inc. has named Matt Kvarda as its new interim CFO, taking over from Victoria Dolan, who will be retiring from the position on 30 September 2022.
Effective 1 October 2022, Kvarda will join the company from Alvarez & Marsal, where he serves as Managing Director. Prior to this, he was a Senior Director at KPMG and also previously held leadership positions at Arthur Andersen & Co. and Bank of America.
Debra Perelman, Revlon’s CEO, said: “I want to thank Victoria for her tremendous dedication and numerous contributions over the past four years as part of our team and I wish her all the best in retirement.
"We are fortunate to have Matt on board and look forward to working closely with him to drive forward the restructuring process in the months to come.”
The news coincides with Revlon's financial results for the second quarter ending 30 June 2022, revealing a 11% decrease in net sales to $442.5 million.
For Q2 2022, Revlon Inc. shared the following results:
- Gross profit down 16.6% to $251.1 million.
- Operating income down 33.7% to $29.5 million.
- Adjusted EDITDA down 18.9% to $51.8 million.
The group also reported a net loss of $275.6 million, down 317.2% against 2021. This was driven by $158.3 million of charges related to the group's Chapter 11 bankruptcy filing, lower operating income and higher foreign currency losses of $15.9 million, offset by $7.7 million in lower tax provisions and $4.4 million of lower interest expense over the prior-year period.
Revlon fell into bankruptcy in June 2022, after facing supply chain issues and large debt. The group, which owns brands including Elizabeth Arden and Cutex along with fragrances by Christina Aguilera and Britney Spears, said the filing will allow it to implement a financial restructuring of Revlon’s legacy capital structure and improve its long-term outlook.
Earlier this month, the beauty group received approval from a US bankruptcy judge to proceed with a $1.4 billion loan over an objection by junior creditors
