Revolution Beauty revenues have slipped as the brand continues to navigate an audit investigation that revealed “unacceptable” business practices.
The beauty brand reported a revenue fall of 4.2% to £75.3m for the six months ending August 31, 2022.
Operating losses narrowed to £12.1m compared with £23.7m the previous year, while loss after tax was £13.4m, down from £28.9m.
UK store revenue increased by 21% year on year, “helped by new distribution in Boots and good performance across Superdrug stores”.
Chief executive Bob Holt said: “The publication of these figures represents an important step as we work towards lifting the suspension of Revolution Beauty shares.
“Overall, performance was resilient in the first half of FY23 financial year, and the group narrowed previous losses, and saw significant margin expansion.
“The half was one where our digital business was impacted by consumers moving back to bricks-and-mortar retail stores post-pandemic, but where Revolution’s omnichannel retail strategy mitigated the decline, with solid retail performances in our key markets.
“Our future growth is first and foremost via a global retailer strategy. Our direct-to-consumer online customer base grew in the year, albeit we recognise the sentiment of a decline in online sales.
“As we look ahead, we remain confident and expect single-digit revenue growth in both the FY23 financial year and the current FY24 financial year.”
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