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Highlights:
Revolution Beauty reports pre-tax losses of £10.9 million for the half-year to August 31, following a 20% decline in sales.
The company is making progress in its revamp strategy, with core product sales rising 6% overall, and a 16% increase in the second quarter.
New retail partnerships include the expansion into 250 Boots stores and a major deal with Walmart to stock Revolution Beauty products in over 1,800 US locations from January.
Revolution Beauty (LSE:REVB) has recorded pre-tax losses of £10.9 million for the first half of its financial year, a stark contrast to the £400,000 profit achieved in the same period last year. The decline in sales, which dropped by 20% to £72.4 million, reflects the company’s ongoing efforts to streamline its product offerings and shift old stock through increased clearance promotions. Additionally, the company faced a significant £10.2 million write-off on outdated inventory.
Despite these setbacks, Revolution Beauty, known for its broad portfolio of make-up, skincare, hair, and body products, has expressed confidence in its turnaround strategy. The company reported a 6% increase in sales from its core product ranges, with the rate of growth accelerating to 16% in the second quarter. This uptick highlights the company's progress in revitalising its product lines and engaging with new and existing retailers.
Notable strides have been made in expanding its retail presence. In September, Revolution Beauty increased its footprint with a rollout into 250 new Boots stores across the UK. Furthermore, a significant partnership with US retail giant Walmart will see Revolution Beauty products stocked in over 1,800 locations in the US starting January next year.
Since the appointment of Lauren Brindley as CEO in August 2023, the company has been undergoing a major transformation, moving past the financial turbulence of 2022, when its auditors refused to sign off on its accounts, leading to an investigation and a suspension of its shares from the London Stock Exchange.
Lauren Brindley, CEO, commented that the first-half performance reflects the steps taken to reposition the company for sustainable, profitable growth. Looking forward, Revolution Beauty has a robust pipeline of initiatives, including expanded retailer relationships, new product innovations, and global expansion of its budget brand, Relove.
