Revlon, Inc. has announced its Q3 2018 results. Net sales were reported at $655.4 million, down 1.7% compared to the previous year.
Revlon
- Net sales decreased 2% to $249.5 million
- The decrease was driven by lower net sales of Revlon color cosmetics, primarily internationally; this was offset by higher net sales of the brand in North America
- Sales in North America increased 5.4%, while sales internationally decreased 8.2%
Elizabeth Arden
- Net sales, reported at $122.1 million, increased 16.5%
- Growth was driven by higher net sales of Elizabeth Arden skin care products, including Ceramide and Prevage
- North American sales increased 8.9%; international sales increased 20.6%
Portfolio Brands
- Net sales decreased 6.4% to $138.4 million
- Losses were primarily attributed to lower net sales of local and regional brands, which was partially offset by higher net sales of Almay color cosmetics and CND nail products (a result of shellac nail polish innovation)
- While North American sales saw a 8.1% increase, international sales were down 24.2%
Fragrances
- Net sales were reported at $145.4 million, an 8.7% decrease
- The decrease was driven by the segment’s loss of certain licenses and lower net sales of other licensed fragrances due to weakness in the mass retail channel, as well as retail store closures in the prestige channel; this was partially offset by new product launches
- Net sales decreased by 8.6% and 9.1% in North America and internationally, respectively
“We are very pleased with our third quarter 2018 results and believe that they are reflective of the strength of our business strategy and efforts to stabilize our business operations,” said president and CEO Debra Perelman. “We are seeing strong growth in our strategic focus areas as we continue to work to build momentum across our businesses. Looking forward with the announcement of our 2018 Optimization Program, we are now re-allocating and re-aligning our resources to build new capabilities in higher-priority growth areas, as well as driving operational efficiencies to reduce our cost base. While this will lead to some headcount reductions, it is essential that we maximize the productivity of our resources across our businesses so that we can fully realize the benefits of our growth strategy in the future.”
Related: Will the Fenty Effect Save Revlon?
