THE WHAT? Revlon has reported its results for the fourth quarter of fiscal 2022. The US make-up manufacturer saw net sales dip 4.1 percent to US4589.8 million in the three months to December 31, 2022 versus the same period a year ago. For the full year, sales were down 4.7 percent to US$1980.4 million.
THE DETAILS As Reported net loss was US$178.5 million in the fourth quarter of 2022, versus US$9.9 million in the prior-year period. The company said the higher net loss was primarily driven by US$172.7 million of charges related to the its Chapter 11 filing.
The drop was felt most keenly in the Revlon segment with profit plummeting from US$41.5 million in Q4 2021 to US$26.9 million in Q4 2022. Elizabeth Arden reported a slight increase from US$20.7 million to US$20.7 million while the Portfolio segment delivered flat growth and Fragrances grew from Q4 2021’s US$21.5 million to US$26.4 million in Q42022.
THE WHY? As its ongoing Chapter 11 proceedings prove, Revlon has been struggling for some time. The company’s Debtors filed their proposed plan of reorganization with the US Bankruptcy Court for the Southern District of New York in late February and a hearing to confirm the Plan is currently scheduled for April 3, 2023 and the Debtors are expected to emerge from Chapter 11 bankruptcy in April 2023 as a privately held company.
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