THE WHAT? Revlon has reported its results for the second quarter fiscal 2021. The US beauty manufacturer said its latest set of figures pointed to ‘significant top-line improvements’, as sales rose in the double-digits across all regions and segments.
THE DETAILS Indeed, net sales rose 43.1 percent to US$497.4 million while operating income came in at US$14.5 million versus a loss of US$58.8 million in the prior-year period. Net loss shrank to US$67.7 million versus US126.8 million a year ago.
However, it’s worth noting that the base-line period is the three months to June, 2020, when the first wave of the pandemic was in full force. Net sales in the quarter ended June 30, 2019 stood at US$570,2 million, suggesting Revlon is yet to catch up with its pre-pandemic sales figures.
THE WHY? Debra Perelman, Revlon’s President and Chief Executive Officer, stated, “I am pleased with our strong results from the second quarter, which reflect continued execution against our strategic priorities. All of our segments grew over the prior year as consumers return to stores, counters, and salons – particularly our Revlon Color Cosmetics business, which is performing exceptionally well in the US Mass market. Going into the second half, we are following the recent uptick in COVID-19 cases, as well as the pressure on the global supply chain stemming from industry-wide labor and material constraints. As always, we will continue to make appropriate business adjustments as they become necessary.
“Our second quarter results are a great reflection of the strength of our brands and the ongoing recovery of our business and the beauty sector as a whole. Looking forward, our focus remains on continuing to deliver against our financial strategy of supporting our key brands and key markets while protecting our liquidity, as evidenced by our strong double-digit EBITDA growth.”