Revlon net sales decreasedChristian Fernsby ▼ | November 9, 2019
Revlon announced its results for the quarter ended September 30, 2019.
Revlon On a constant currency basis, net sales decreased 7.1%
On a constant currency basis, net sales decreased 7.1% driven primarily by net sales declines in the Portfolio and Revlon segments, partially offset by net sales growth in the Elizabeth Arden segment.
Revlon segment net sales declines were primarily driven by retailers reducing inventory and overall category declines.
As Reported operating income improved to $16.7 million in the third quarter of 2019, compared to $2.3 million during the prior-year period.
The higher operating income was driven primarily by cost reductions related to the Company's cost optimization initiatives and improved gross profit margin.
As Reported net loss increased to $44.7 million in the third quarter of 2019 versus a $11.1 million net loss in the prior-year period.
The higher net loss was driven primarily by a $36.6 million decrease in the benefit from income taxes due in part to a one-time, non-cash true-up associated with U.S.
2017 Tax Act in the prior-year period and higher interest expense, partially offset by the higher operating income described above.
Adjusted EBITDA in the third quarter of 2019 was $68.4 million which included the impact of $3.7 million of tariffs and $2.0 million of negative foreign exchange.
Excluding these items, Adjusted EBITDA would have increased $1.7 million or approximately 2% versus the prior-year period's Adjusted EBITDA of $72.4 million. ■