Revlon Q3: redundancies imminent as sales drop further

Revlon Q3: redundancies imminent as sales drop further

Revlon has announced its results for the three months ended September 30, 2018. The company saw net sales drop to US$655.4 million in the third quarter, compared to US$666.5 million in the same period last year. On a constant currency basis, sales were ‘slightly postitive’, which the company attributes to strong growth in its Revlon North America and Elizabeth Arden segments.

As reported operating income grew to US£2.3 million compared to a loss of US$5.4 million in the prior-year period. Adjusted operating income came in at US$26 million, up from US$14.3 million a year ago. Reported net loss also contracted, standing at US$11.1 million for Q3 2018, compared to US$32.4 million in the same period of 2017.

“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. 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,” said Debra Perelman, President and CEO of Revlon.