Revlon has announced its financial results for Q1 2018.
Sales for the quarter reached $560.7 million, a decrease of 5.7% when compared to $594.9 million in Q1 2017. Revlon explained that net sales declines in the Revlon, Portfolio and Fragrance segments were partially offset by net sales growth within the Elizabeth Arden segment.
The Revlon segment saw net sales reach $229.1 million, a 6% decrease from $243.8 million during 2017's first quarter. The Elizabeth Arden segment's net sales were $105.7 million, a 10.4% increase from $95.7 million during Q1 2017. Revlon's Portfolio Brand segment had net sales of $134.5 million, an 8.3% decrease when compared to $146.6 million in Q1 2017. Fragrance net sales reached $91.4 million, a 16% decrease from $108.8 million in the first quarter of 2017.
Paul Meister, executive vice chairman of the board, Revlon, commented on the financial results by saying, "Our quarterly results continue to reflect the challenges the company faces in the current mass retail and beauty environment in the United States. While our international sales remain strong, we are aggressively driving change and innovation in our brands, products and sales processes to meet these challenges head-on. We are seeing significantly accelerated sales growth across all our digital platforms, positive consumer responses to our new brand campaigns, and are confident in the future."