Revlon has announced its unaudited financial results for the final quarter and full year fiscal 2018. Reported net sales were down 5.7 percent (3.7 percent in constant currency) in the quarter ended December 31, dropping US$741.6 million.
However, the US beauty behemoth revealed that the loss, caused by shift in timing of customer resets in the Revlon segment and lower fragrance sales as licences expired, was partially offset by strong double-digit growth in the Elizabeth Arden segment.
“We are very pleased with our continued momentum during the fourth quarter of 2018 as we successfully execute on our core strategies and business transformation. I am particularly encouraged by strong growth in some of the key areas that we have intensely focused on such as e-commerce, Elizabeth Arden skincare, China and Travel Retail. Our digital strategy continues to pay off as we once again achieved double-digit e-commerce growth, due in part to strong performance from major consumer events including Singles Day in China and Black Friday in North America. As a result of improved operational performance, we achieved strong Adjusted EBITDA growth during the second half of 2018, and together with the recently-announced 2018 Optimization Program, I believe we are well positioned for long-term success,” said Debra Perelman, President and CEO of Revlon.