{"id":219337,"date":"2023-03-20T10:08:45","date_gmt":"2023-03-20T10:08:45","guid":{"rendered":"https:\/\/theindustry.beauty\/?p=219337"},"modified":"2023-03-20T11:13:56","modified_gmt":"2023-03-20T11:13:56","slug":"revlon-updates-bankruptcy-plans-and-reveals-drop-in-full-year-sales","status":"publish","type":"post","link":"https:\/\/theindustry.beauty\/revlon-updates-bankruptcy-plans-and-reveals-drop-in-full-year-sales\/","title":{"rendered":"Revlon updates bankruptcy plans and reveals drop in full year sales"},"content":{"rendered":"<p><strong><a href=\"https:\/\/www.revloninc.com\/\" target=\"_blank\" rel=\"noopener\">Revlon Inc.<\/a> has reported a drop in sales for the fourth quarter and full year ending 31 December 2022 as it prepares to emerge from bankruptcy next month.\u00a0<\/strong><\/p>\n<p><!--more--><\/p>\n<p>The company's net sales decreased 4.1% to \u00a3483 million ($589.8 million), compared to \u00a3504 million ($615.2 million) in the fourth quarter of 2021.<\/p>\n<p>Adjusted EBITDA was \u00a381.8 million ($99.8 million), compared to \u00a388.9 million ($108.4 million). This was driven by lower net sales, offset by lower SG&amp;A expenses.<\/p>\n<p>Net loss totalled \u00a3146 million ($178.5 million), against a net income of \u00a38.1 million ($9.9 million). This was attributed to charges related to the company's Chapter 11 bankruptcy filing, higher income tax provisions, and higher interest expenses.<\/p>\n<p><strong>For the full year, Revlon shared the following results:<\/strong><\/p>\n<ul>\n<li>Net sales down 4.7% to \u00a31.6 billion ($1.98 billion).<\/li>\n<li>Adjusted EBITDA of \u00a3213 million ($260.3 million), compared to \u00a3240 million ($292.9 million) in 2021.<\/li>\n<li>Net loss down 225.7% to \u00a3552 million ($673.9 million).<\/li>\n<\/ul>\n<p><a href=\"https:\/\/theindustry.beauty\/revlon-files-for-chapter-11-bankruptcy-amid-supply-chain-woes\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #008080;\">Revlon fell into bankruptcy in June 2022<\/span><\/a> after facing supply chain issues and large debt. At the time, the company said the filing would allow it to implement a financial restructuring of Revlon\u2019s legacy capital structure and improve its long-term outlook.<\/p>\n<p>The trading update has announced\u00a0that last month Revlon Inc. entered into an amended and restated restructuring support agreement with its creditors and filed the plan with the US Bankruptcy Court.<\/p>\n<p>Under the terms, the plan will reduce the company\u2019s total debt by approximately \u00a32.2 billion ($2.7 billion) and capitalise the company with approximately \u00a31.1 billion ($1.4 billion) of new money debt and equity investments.<\/p>\n<p>Revlon Inc. is expected to emerge from Chapter 11 bankruptcy as a privately held company. The plan also includes a global settlement of litigation claims by the company\u2019s lenders.<\/p>\n<p>A hearing to confirm the plan is scheduled for 3 April 2023, with Revlon Inc. expected to emerge from Chapter 11 bankruptcy in April 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u2026 <a href=\"https:\/\/theindustry.beauty\/revlon-updates-bankruptcy-plans-and-reveals-drop-in-full-year-sales\/\">...<\/a><\/p>\n","protected":false},"author":100,"featured_media":219357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6],"tags":[10148,11222,35,18597],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Revlon updates bankruptcy plans and reveals drop in full year sales - 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