Revlon has followed rivals Estee Lauder and L’Oréal in posting solid first-quarter results as the beauty industry continues to recover from the effects of the pandemic when consumers cut back on their use of makeup and fragrances when they stayed at home.
The company’s reported net sales rose 7.8% to $479.6m, with operating profit coming in at $23.7m, compared to a loss of $12.7m the prior year.
In the core Revlon division, sales in the three months ended 31 March were up 12.4% to $182.1m as it benefitted from shoppers returning to physical stores.
Elizabeth Arden grew 2.4% to $114.9m, whilst its Portfolio unit saw sales increase 3.3% to US$99.2m. Fragrances climbed 11.5% to $83.4m.
Geographically, its North America operation saw sales increase by 8.2%, while International sales grew 7.3%
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, Chief Executive Officer, confirmed that the business had faced supply chain challenges that were continuing to hold back its performance.
She added: “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.”
