Revlon narrows earnings loss on record first-quarter operating income
U.S. cosmetics giant Revlon Inc. announced on Wednesday an almost 8% uptick in net sales for the first quarter, helping the company post record operating income for three months ending March 31.
The New York-based company said net sales for the first quarter gained 7.8% to $479.6 million, compared to $445 million in the prior-year quarter.
By segment, Revlon sales increased 12.4% to $182.1 million, while Elizabeth Arden revenues inched forward 2.4% to $114.9 million during the January-March quarter. The portfolio segment, comprised of lmay, Sinful Colors, and American Crew, saw net sales increase to $99.2 million, up 3.3% and the fragrance segment sales surged 11.5% to $83.4 million for the quarter.
Profit-wise, the group record its highest first quarter as reported operating income in six years, totalling $23.7 million, compared to an operating loss of $12.7 million. Adjusted EBITDA was $58.4 million, versus $38.2 million in the prior-year period.
However, the company did manage stay in the red for the three months, recording a net loss of $67 million, narrowing from a loss of $96 million last year.
"While the supply chain challenges continue to have an impact, our first quarter results were strong on both the top and bottom line. Each of our reporting segments grew over the prior year, and we experienced our best Q1 Adjusted EBITDA in six years," Debra Perelman, Revlon's president and chief executive officer.
"Revlon is executing against our well-established strategic plan of focusing on our core, iconic brands in key markets as well as our digital acceleration to drive long-term, sustainable growth – while protecting profitability and managing our liquidity. We continue to manage our business dynamically as we navigate ongoing macroeconomic uncertainty.”
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