THE WHAT? Revlon has reported a Q3 sales fall of 10 percent, with the beauty giant continuing to face financial turbulence after filing for Chapter 11 financial restructuring in June this year.
THE DETAILS Net sales reached US$468.4 million in the third quarter of 2022, compared to $521.1 million in the prior-year quarter. Reported operating income was US$12.9 million in the third quarter of 2022, compared to an operating income of US$34.1 million during the prior-year period, a decrease of US$21.2 million.
Looking at brands, Revlon sales inched up to US$176.6 million, from US$173 million in the prior-year quarter, while Elizabeth Arden sales fell to US$120.7 million from US$122.8 million.
THE WHY? Revlon Inc and certain of its subsidiaries in the United States, Canada, and United Kingdom filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code.
Due to the bankruptcy proceedings Revlon stated it won’t host an earnings conference call.