08.06.21
Revlon Inc. has announced its results for the quarter ended June 30, 2021.
As reported, net sales were $497.4 million in the second quarter of 2021, compared to $347.6 million during the prior-year period, an increase of $149.8 million, or 43.1%. All segments experienced double-digit net sales growth during the second quarter of 2021 versus the prior-year period.
Business Segments
Revlon segment net sales in the second quarter of 2021 were $186.8 million, a $51.8 million or 38.4% (or 32.1% XFX) increase compared to the prior-year period. The segment's higher net sales were driven primarily by Revlon color cosmetics, both in North America and in International regions, and, to a lower extent, higher net sales of Revlon-branded professional hair care products in International regions. This increase was due, primarily, to the retail channel starting to show signs of improvement from the effects of the ongoing Covid-19 pandemic, as well as salons' increased activity in connection with progressive and/or temporary lifting of restrictions related to the ongoing Covid-19 pandemic, partially offset by decreased net sales in North America of Revlon ColorSilk hair color products, Revlon-branded hair-care products and Revlon-branded beauty tools.
Elizabeth Arden segment net sales in the second quarter of 2021 were $124.7 million, a $43.8 million or 54.1% (or 43.9% XFX) increase compared to the prior-year period. The higher net sales were driven primarily by higher net sales of Ceramide skin care products, Green Tea and White Tea fragrances, as well as certain other Elizabeth Arden-branded fragrances and skin care products, primarily in International regions. This increase was due, primarily, to growth in e-commerce net sales, as well as an increase in the travel retail business, while there are also signs of improvements from the effects of the ongoing Covid-19 pandemic on foot traffic at department stores and other retail outlets, primarily internationally.
Portfolio segment net sales in the second quarter of 2021 were $98.7 million, a $10.2 million, or 11.5% (or 7.9% XFX) increase compared to the prior-year period. The increase in segment net sales was driven primarily by higher net sales of Mitchum anti-perspirant deodorants and American Crew men's grooming products, and also by higher net sales in North America of Almay color cosmetics and CND nail products, primarily in connection with the mass retail channel starting to show signs of improvement from the effects of the ongoing Covid-19 pandemic. This increase was partially offset by the sale of the Natural Honey brand in December 2019, which continued to produce transition services revenue during 2020.
Fragrances segment net sales in the second quarter of 2021 were $87.2 million, a $44.0 million, or 101.9% (or 96.1% XFX) increase compared to the prior-year period. The segment's higher net sales were driven primarily by higher net sales of Juicy Couture, John Varvatos, Britney Spears and Curve fragrances, as well as other brand and distributed fragrances, primarily in North America and, to a lower extent, also in International regions, primarily due to a recovery from the ongoing Covid-19 pandemic, as retailers are restocking their inventory levels.
Debra Perelman, Revlon's president and chief executive officer, commented, “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.”
She continued, “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.”
As reported, net sales were $497.4 million in the second quarter of 2021, compared to $347.6 million during the prior-year period, an increase of $149.8 million, or 43.1%. All segments experienced double-digit net sales growth during the second quarter of 2021 versus the prior-year period.
Business Segments
Revlon segment net sales in the second quarter of 2021 were $186.8 million, a $51.8 million or 38.4% (or 32.1% XFX) increase compared to the prior-year period. The segment's higher net sales were driven primarily by Revlon color cosmetics, both in North America and in International regions, and, to a lower extent, higher net sales of Revlon-branded professional hair care products in International regions. This increase was due, primarily, to the retail channel starting to show signs of improvement from the effects of the ongoing Covid-19 pandemic, as well as salons' increased activity in connection with progressive and/or temporary lifting of restrictions related to the ongoing Covid-19 pandemic, partially offset by decreased net sales in North America of Revlon ColorSilk hair color products, Revlon-branded hair-care products and Revlon-branded beauty tools.
Elizabeth Arden segment net sales in the second quarter of 2021 were $124.7 million, a $43.8 million or 54.1% (or 43.9% XFX) increase compared to the prior-year period. The higher net sales were driven primarily by higher net sales of Ceramide skin care products, Green Tea and White Tea fragrances, as well as certain other Elizabeth Arden-branded fragrances and skin care products, primarily in International regions. This increase was due, primarily, to growth in e-commerce net sales, as well as an increase in the travel retail business, while there are also signs of improvements from the effects of the ongoing Covid-19 pandemic on foot traffic at department stores and other retail outlets, primarily internationally.
Portfolio segment net sales in the second quarter of 2021 were $98.7 million, a $10.2 million, or 11.5% (or 7.9% XFX) increase compared to the prior-year period. The increase in segment net sales was driven primarily by higher net sales of Mitchum anti-perspirant deodorants and American Crew men's grooming products, and also by higher net sales in North America of Almay color cosmetics and CND nail products, primarily in connection with the mass retail channel starting to show signs of improvement from the effects of the ongoing Covid-19 pandemic. This increase was partially offset by the sale of the Natural Honey brand in December 2019, which continued to produce transition services revenue during 2020.
Fragrances segment net sales in the second quarter of 2021 were $87.2 million, a $44.0 million, or 101.9% (or 96.1% XFX) increase compared to the prior-year period. The segment's higher net sales were driven primarily by higher net sales of Juicy Couture, John Varvatos, Britney Spears and Curve fragrances, as well as other brand and distributed fragrances, primarily in North America and, to a lower extent, also in International regions, primarily due to a recovery from the ongoing Covid-19 pandemic, as retailers are restocking their inventory levels.
Debra Perelman, Revlon's president and chief executive officer, commented, “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.”
She continued, “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.”
