Revlon reports widened loss in third quarter
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.
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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