Net sales were $477.1 million in the third quarter of 2020, compared to $596.8 million during the prior-year period, a decline of 20.1%. E-commerce net sales increased approximately 13% versus the prior-year period and represented approximately 12% of third quarter 2020 net sales, versus approximately 9% in the prior-year period.
As Reported net sales include approximately $119 million of estimated negative impacts associated with the ongoing and prolonged Covid-19 pandemic.
“While COVID-19 continues to have a significant impact on both the beauty industry overall as well as on our business, I am pleased that our third quarter 2020 results reflected a sequential improvement in our net sales decline versus the prior quarter,” said Debra Perelman, Revlon's president and chief executive officer.
She continued, “We remain diligent in managing our cost base to reduce COVID-19's impact on our profitability. During the third quarter, the Company made further progress in expanding its e-commerce business, which now represents approximately 12% of the Company’s total net sales exceeding our expectations.”
- Revlon segment net sales in the third quarter of 2020 were $166.0 million, a $51.3 million or 23.6% decrease compared to the prior-year period.
- Elizabeth Arden segment net sales in the third quarter of 2020 were $106.3 million, a $16.9 million or 13.7% decrease compared to the prior-year period.
- Portfolio segment net sales of $99.6 million in the third quarter of 2020 decreased by $18.6 million, or 15.7%, compared to the prior-year period.
- Fragrances segment net sales of $105.2 million in the third quarter of 2020 decreased by $32.9 million, or 23.8%, compared to the prior-year period.
Exchange Offer and Consent Solicitation
As previously announced, all conditions precedent to the consummation of the company's Exchange Offer and Consent Solicitation have been satisfied and settlement is expected to occur on Friday, November 13, 2020, subject to customary closing conditions.