Revlon reported net sales of $347.6 million in the second quarter of 2020, a decline of 39% compared to $570.2 million during the prior-year period.
 
The silver lining is that e-commerce net sales increased approximately 58% versus the prior-year period and represented approximately 18% of second quarter 2020 net sales, versus approximately 7% in the prior-year period.
 
"Although our business faced significant headwinds in the second quarter of 2020 as result of the ongoing global COVID-19 pandemic, we took aggressive steps to mitigate these effects, which enabled us to greatly reduce the pandemic’s impact to our profitability in the quarter,” commented Debra Perelman, Revlon’s president and CEO. “We continue to deliver against the objectives of our Revlon 2020 Restructuring Program, which include rightsizing our organization to drive improved profitability, cash flow and liquidity. We are managing the business to conserve cash and liquidity, as well as focusing on stabilizing the business, growing e-commerce and preparing the foundation for our future growth.”
 
Segments
 
Revlon segment net sales in the second quarter of 2020 were $135.0 million, a $116.5 million or 46.3% decrease compared to the prior-year period, with COVID-19 contributing an estimated $115 million to the decrease.
 
Elizabeth Arden segment net sales in the second quarter of 2020 were $80.9 million, a $36.5 million or 31.1% decrease compared to the prior-year period, with COVID-19 contributing an estimated $34 million to the decrease.
 
Portfolio segment net sales of $88.5 million in the second quarter of 2020 decreased by $30.2 million, or 25.4%, compared to the prior-year period, with COVID-19 contributing an estimated $30 million to the decrease. This segment includes brands such as Almay and SinfulColors in color cosmetics; American Crew in men’s grooming products; CND in nail polishes, gel nail color and nail enhancements; Mitchum in deodorants; and Cutex in nail care products.
 
Fragrances segment net sales of $43.2 million in the second quarter of 2020 decreased by $39.4 million, or 47.7%, compared to the prior-year period, with COVID-19 contributing an estimated $34 million to the decrease.
 
“Despite COVID-related business impacts, we continue to see pockets of resiliency in our business, including a strong 58% growth in e-commerce in the quarter. With our new streamlined operations and lower cost base, we are confident that Revlon is positioned to continue to serve our consumers and customers and drive value for all our stakeholders,” Perelman concluded.

Photos: Revlon's Almay division; a Revlon's Super Lustrous lipstick; Elizabeth Arden's White Tea fragrance via Instagram