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Nov 6, 2021
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Revlon reports widened loss in third quarter

Published
Nov 6, 2021

New York-based beauty conglomerate Revlon, Inc.’s net loss was $53.1 million in the third quarter ended September 30, 2021, widening from a loss of $44.5 million in the prior-year period. The company’s diluted loss per share for the quarter was $0.98, compared to $0.83 in the same period in the previous year.


Revlon saw revenue growth across its segments in Q3 - Instagram: @revlon

 
According to the cosmetics group, the increase in its loss was primarily the result of the fact that its Q3 2020 results benefited from a $31.2 million gain related to the early extinguishment of debt. The company’s most recent third quarter also suffered from unfavorable variance in foreign currency to the tune of $19.7 million as compared to the prior-year period.
 
Quarterly net sales at Revlon totaled $521.1 million, up 9.2% from $477.1 million in Q3 2020, with the company achieving growth in all of its segments.

The group’s namesake Revlon segment posted sales of $173.0 million, an increase of 4.2% compared to $166.0 million a year ago. This reflected a 2.3% rise in sales In North America, where the business achieved $88.4 million, while international sales rose 6.3% to $84.6 million.
 
Sales in the company’s Elizabeth Arden segment totaled $122.8 million, rising 15.5% from $106.3 million in the prior-year period. In North America the segment’s revenues rose 5.9% to $32.3 million, whereas international sales increased 19.4% to $90.5 million.
 
The group’s portfolio segment, which includes brands such as Almay, SinfulColors, American Crew and Cutex, achieved $112.7 million in sales in Q3. This represented a year-over-year increase of 13.2% and reflected 25.5% growth in North America, slightly offset by a 5.5% decline internationally.
 
Finally, Revlon’s fragrances business saw its sales increase 7.0% year over year to $122.6 million, with revenues rising 2.9% in North America and 19.6% internationally.
 
“Our results this quarter demonstrate that our strategy is working,” commented Revlon president and CEO Debra Perelman in a release. “For the second consecutive quarter, all our reporting segments increased revenue compared to the prior year, and our e-commerce segment posted double-digit growth. We are also well into the implementation phase of our Revlon Global Growth Accelerator program, which was put in place to support our long-term profitable growth.”
 
Year to date, Revlon has achieved sales of $1.46 billion, up 14.5% from $1.28 billion in the same nine-month period in the previous year. Net loss for the first three quarters of the year was $216.8 million, compared to a loss of $385.2 million, while diluted loss per share was $4.02, compared to $7.22.
 

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