Revlon sales continue to drop in Q3 results
Revlon, Inc. has reported a 10.1% decrease in net sales to £411.7 million ($468.4 million) for the third quarter ending 30 September 2022.
For Q3, Revlon, Inc. shared to following results:
- Gross Profit down 13% to £229.3 million ($260.9 million).
- Gross margin down 190 bps to 55.7%.
- Operating Income down 62.2% to £11.3 million ($12.9 million).
- Adjusted EBITDA down 39% to £44.2 million ($50.3 million).
On 15 June 2022, Revlon commenced a voluntary Chapter 11 financial restructuring, supported by £503 million ($575 million) of debtor-in-possession financing.
The group, which owns brands including Revlon and Elizabeth Arden 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.
A Q3 net loss of £134.2 million ($152.8 million), compared to a net loss of £46.6 million ($53.1 million) in 2021, was driven by $85 million of charges related to the company's Chapter 11 filing, lower operating income and higher foreign currency losses of $9.5 million, offset by lower tax provisions and lower interest expense over the prior-year period.
The news follows Revlon's Q2 financial results in August 2022, which saw a 11% decrease in net sales to £388 million ($442.5 million). The group also reported a net loss of £242 million ($275.6 million), down 317.2% against 2021.
