- Revlon (NYSE:REV) reports net sales decreased 3.3% on a constant currency basis in Q2, driven by declines in the Portfolio and Fragrances segments.
- Revlon segment net sales fell 2.6% to $251.5M, driven primarily by lower net sales of Revlon color cosmetics due to overall category declines primarily in North America.
- Elizabeth Arden net sales climbed 10.7% to $117.4M, driven by higher net sales of Elizabeth Arden skin care products, including Ceramide and Prevage.
- Portfolio Segment net sales slipped 19.6% to $118.7M, driven primarily by the segment's lower net sales of CND nail products and Almay and SinfulColors color cosmetics.
- Fragrances Segment net sales down 12.9% to $82.6M, driven primarily by the segment's lower net sales in the mass retail channel and due in part to retail store closures.
- Total North America sales squeezed 13.7% to $286.5M whereas International segment rose 3.2% to $283.7M.
- Adjusted gross margin rate declined 250 bps to 57.8%.
- Adjusted EBITDA up 28.1% to $47M.
- On August 6, 2019, the Company entered into a new 4-year $200M senior secured term loan facility and its proceeds of ~$187M will be invested in pursuing the Company's core business strategies and innovation initiatives, as well as for other general corporate purposes.
- Previously: Revlon EPS misses by $0.41, misses on revenue (Aug. 8)