Currency fluctuation and Venezuela exit affect Revlon’s second-quarter results; adjusted results exclude negative impact for net sales growth of 4.7 percent

Currency fluctuation and Venezuela exit affect Revlon’s second-quarter results; adjusted results exclude negative impact for net sales growth of 4.7 percent

Revlon has posted an increase in profit and net sales growth for the second quarter of 2015. However, the company has adjusted its results to account for its exit from Venezuela and currency fluctuations.

Revlon’s total adjusted net sales (excluding Venezuela) for 2Q 2015 were US$482.4 million, a decrease of 1.5 percent compared to the same period in 2014. Excluding the impact of foreign currency fluctuations (XFX) of US$30.2 million, adjusted net sales increased 4.7 percent.

CEO Lorenzo Delpani said: “This quarter was strong, with adjusted net sales growth of 4.7 percent and adjusted EBITDA growth of 6.5 percent, measured on an XFX basis and adjusted for comparability. During this quarter we completed our acquisition of the CB Beauty Group and exited our business operations in Venezuela, moving to a distributor model. We also continued to execute our Strategy of Value Creation, investing US$14.7 million of planned incremental brand support in the second quarter of 2015. The 6.5 percent Adjusted EBITDA growth includes this incremental brand support investment.”

The US cosmetics giant’s Consumer segment posted a 1.4 percent increase in net sales on an XFX basis, driven by higher net sales of Almay and Revlon color cosmetics. Excluding Venezuela on an XFX basis, Consumer net sales would have risen 3.7 percent.

Revlon’s Professional segment, meanwhile, increased 4.1 percent on an XFX basis thanks to higher net sales of American Crew and Revlon Professional Products.

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