THE WHAT? Revlon has announced Q1 reported net sales of US$479.6 million, compared to US$445.0 million during the prior-year period, an increase of US$34.6 million, or 7.8 percent.
THE DETAILS? Reported operating income was US$23.7 million in the first quarter of 2022, compared to an operating loss of us$12.7 million during the prior-year period, an improvement of US$36.4 million.
Looking at the segments, Revlon net sales in the three months ended March 31, 2022, were US$182.1 million, a US$20.1 million, or 12.4 percent, increase, compared to US$162.0 million in the three months ended March 31, 2021.
Elizabeth Arden grew 2.4 percent to US$114.9 million, the Portfolio net sales saw a 3.3 percent increase to US$99.2 million, while fragrances saw the biggest net sales leap of 11.5 percent to US$83.4 million.
Geographically, North America saw an as reported net sales increase of 8.2 percent, while International grew 7.3 percent.
THE WHY? The improved financial results were said to have been driven by revenue and margin growth, as well as continued implementation of cost controls.
Debra Perelman, Revlon’s President and Chief Executive Officer, stated: “While the supply chain challenges continue to have an impact, our first quarter results were strong on both the top and bottom line. Each of our reporting segments grew over the prior year, and we experienced our best Q1 Adjusted EBITDA in six years.
“Revlon is executing against our well-established strategic plan of focusing on our core, iconic brands in key markets as well as our digital acceleration to drive long-term, sustainable growth – while protecting profitability and managing our liquidity. We continue to manage our business dynamically as we navigate ongoing macroeconomic uncertainty.”