U.S. cosmetics giant Revlon Inc. revealed net sales for the year ended December 31 dropped 4.7% to just under $2.98 billion, as the company closed the year with a single-digit quarterly sales dip.
The New York-based company said fourth-quarter sales were $589.8 million, down 4.1% on the prior-year quarter. During the three months, the owner of Revlon and Elizabeth Arden brands said it went into the red, reporting a net loss of $178.5 million, compared to net income of $9.9 million in the corresponding quarter in 2021.
For the year 2022, the company saw net losses widen to $673.9 million, compared to a net loss of $206.9 million in 2021.
Coinciding with the earnings update, Revlon, which commenced a voluntary Chapter 11 financial restructuring supported by $575 million of new money debtor-in-possession financing last year, also announced the company and some of its subsidiaries in February reached a deal with a holdout faction of lenders that will see it emerge from bankruptcy next month.
Revlon and its subsidiaries filed their proposed plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York. A hearing to confirm the plan is currently scheduled for April 3, and Revlon is expected to emerge from Chapter 11 bankruptcy in April, as a privately held company.
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