07.29.15
On an as reported basis, Revlon's net sales were $482.4 million in the second quarter of 2015 and $497.9 million in the second quarter of 2014.
The company’s exit of its business operations in Venezuela impacted the comparability of period-over-period results, as Venezuela had no net sales in the second quarter of 2015 compared to $8.3 million in the second quarter of 2014, the company said. Excluding Venezuela, total company adjusted net sales were $482.4 million in the second quarter of 2015, compared to $489.6 million in the second quarter of 2014, a decrease of 1.5%.
Excluding the impact of foreign currency fluctuations of $30.2 million, adjusted net sales increased $23.0 million, or 4.7%, according to Revlon.
As reported net income was $26.0 million in the second quarter of 2015 and $18.1 million in the second quarter of 2014. Adjusted net income was $29.0 million in the second quarter of 2015, compared to adjusted net income of $21.8 million in the second quarter of 2014, an increase of $7.2 million, or 33.0%.
“This quarter was strong, with adjusted net sales growth of 4.7% and adjusted EBITDA growth of 6.5%, measured on an XFX basis and adjusted for comparability,” said said Lorenzo Delpani, Revlon president and CEO. “During this quarter, we completed our acquisition of the CBBeauty Group and exited our business operations in Venezuela, moving to a distributor model. We also continued to execute our Strategy of Value Creation, investing $14.7 million of planned incremental brand support in the second quarter of 2015. The 6.5% Adjusted EBITDA growth includes this incremental brand support investment.”
Consumer segment net sales were $354.7 million in the second quarter of 2015, as compared to $367.3 million in the second quarter of 2014. On an XFX basis, consumer segment net sales in the second quarter of 2015 increased 1.4%, primarily driven by higher net sales of Almay color cosmetics and Revlon color cosmetics, partially offset by lower net sales of SinfulColors color cosmetics. Revlon’s exit from Venezuela negatively impacted consumer segment net sales, as changing to a distributor model resulted in no Venezuela net sales in the second quarter of 2015, compared to Venezuela net sales of $8.3 million in the second quarter of 2014. Excluding Venezuela, on an XFX basis, Consumer net sales would have increased by 3.7% in the second quarter of 2015, according to the company.
Professional segment net sales in the second quarter of 2015 were $123.4 million, compared to net sales of $130.6 million in the second quarter of 2014. On an XFX basis, Professional segment net sales in the second quarter of 2015 increased 4.1%, primarily due to higher net sales of American Crew and Revlon Professional products.
The company’s exit of its business operations in Venezuela impacted the comparability of period-over-period results, as Venezuela had no net sales in the second quarter of 2015 compared to $8.3 million in the second quarter of 2014, the company said. Excluding Venezuela, total company adjusted net sales were $482.4 million in the second quarter of 2015, compared to $489.6 million in the second quarter of 2014, a decrease of 1.5%.
Excluding the impact of foreign currency fluctuations of $30.2 million, adjusted net sales increased $23.0 million, or 4.7%, according to Revlon.
As reported net income was $26.0 million in the second quarter of 2015 and $18.1 million in the second quarter of 2014. Adjusted net income was $29.0 million in the second quarter of 2015, compared to adjusted net income of $21.8 million in the second quarter of 2014, an increase of $7.2 million, or 33.0%.
“This quarter was strong, with adjusted net sales growth of 4.7% and adjusted EBITDA growth of 6.5%, measured on an XFX basis and adjusted for comparability,” said said Lorenzo Delpani, Revlon president and CEO. “During this quarter, we completed our acquisition of the CBBeauty Group and exited our business operations in Venezuela, moving to a distributor model. We also continued to execute our Strategy of Value Creation, investing $14.7 million of planned incremental brand support in the second quarter of 2015. The 6.5% Adjusted EBITDA growth includes this incremental brand support investment.”
Consumer segment net sales were $354.7 million in the second quarter of 2015, as compared to $367.3 million in the second quarter of 2014. On an XFX basis, consumer segment net sales in the second quarter of 2015 increased 1.4%, primarily driven by higher net sales of Almay color cosmetics and Revlon color cosmetics, partially offset by lower net sales of SinfulColors color cosmetics. Revlon’s exit from Venezuela negatively impacted consumer segment net sales, as changing to a distributor model resulted in no Venezuela net sales in the second quarter of 2015, compared to Venezuela net sales of $8.3 million in the second quarter of 2014. Excluding Venezuela, on an XFX basis, Consumer net sales would have increased by 3.7% in the second quarter of 2015, according to the company.
Professional segment net sales in the second quarter of 2015 were $123.4 million, compared to net sales of $130.6 million in the second quarter of 2014. On an XFX basis, Professional segment net sales in the second quarter of 2015 increased 4.1%, primarily due to higher net sales of American Crew and Revlon Professional products.