Revlon has announced its first quarter 2021 results showing that net sales were $445.0 million, compared to $453.0 million the previous year.
E-commerce net sales grew by approximately 5% across all regions, which included double-digit top-line growth of its mass retail, professional and prestige franchises in EMEA; its mass retail franchise in Asia; and in its professional and prestige franchises in North America.
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Gross profit for Q1 was $253.8 million, as compared to $255.2 million the previous year.
Operating loss was $12.7 million in Q1, compared to a loss of $186.2 million during the previous year.
Net loss was $96.0 million in Q1, compared to $213.9 million net loss in the previous year.
As of March 31, 2021, Revlon had total liquidity of $129.6 million.
Revlon 2020 Restructuring Program
Revlon also announced that it is is expanding its existing Revlon 2020 Restructuring Program. It will include a reinvestment strategy to strengthen Revlon's brands and drive long-term sustainable margin and revenue growth through realized incremental productivity initiatives and enhanced capabilities, per the company.
Segment net sales
The Revlon brand segment reported net sales of $160.0 million in Q1, compared to $181.8 million the previous year. Elizabeth Arden reported net sales of $112.2 million, compared to $95.2 million the previous year.
The company's portfolio segment (Almay, SinfulColors, American Crew, Mitchum, etc.) reported net sales of $96.0 million, compared to $110.0 million the previous year. The fragrances segment (Juicy Couture, John Varvatos, Britney Spears, etc.) reported net sales of $74.8 million, compared to $66.0 million the previous year.
Debra Perelman, Revlon's president and CEO, said:
I am pleased with the continued sequential improvement in our business as we continue to recover from COVID-19 while benefiting from the exhaustive restructuring strategies we first implemented in 2018. Our businesses in the prestige channel, including Elizabeth Arden and Fragrances, experienced double-digit net sales growth in the first quarter, recovering more quickly than our businesses in the mass channel related to color cosmetics. As markets around the world continue to reopen and COVID-19 restrictions loosen, we are optimistic around the rebound of the mass channel, and particularly the color cosmetics category. Our e-commerce channel continues to experience growth and to increase as a percentage of our net sales, and our adjusted EBITDA margin grew 240 basis points.
Additionally, our Revlon Global Growth Accelerator Program, which we officially announced externally today, is a holistic transformation program that is designed to set the foundation for long-term, sustainable margin and revenue growth. This will enable the company to maximize the potential of our iconic brand portfolio with a focus on Revlon and Elizabeth Arden in key markets as well as continue to expand our digital and e-commerce capabilities. We continue to anticipate a recovery in demand for beauty products including color cosmetics as the pandemic restrictions ease globally and believe that with the focus of RGGA, we are well positioned to capture the opportunities ahead for Revlon. This truly marks a turning point in Revlon’s trajectory, as we engage the entire organization towards our future: I look forward to Revlon building on the timeless legacy of our iconic brands and once again leading in the dynamic beauty industry.