By Sabela Ojea
Revolution Beauty Group PLC said Monday that it achieved strong growth in sales for the first half of fiscal 2022, with sales growth expected to accelerate further in the second half boosted by its increasing presence in the U.S. and the launch of make up for men.
The global mass beauty and personal-care company said that revenue for the six months ended Aug. 31 rose 35% on year to 78 million pounds ($106.7 million).
The company, which was began trading on the AIM market in July, said that Revolution Beauty USA sales for the first half rose by more than 90% on year.
The U.S., which is currently Revolution Beauty's second most important market, is on track to become the company's biggest country by revenue globally in 2021, surpassing the U.K., Germany, Australia and France. This is mainly linked to the company's sales-partnership with Target Corp., Chief Executive and Founder Adam Minto noted.
Revolution Beauty is making $1 million per week in the U.S. via its partnership with Target, Mr. Minto said.
The company also said that the board remains confident in achieving full-year market expectations and that it has several new initiatives that are expected to continue to underpin strong revenue growth throughout the second half.
The company's launch of its make up for men range is expected in the first quarter of 2022. Male customers already make up for a third of Revolution's website buyers, Mr. Minto said.
Regarding supply-chain issues, Mr. Minto said that the company's ability to offer products to its customers isn't expected to be affected, as Christmas stock was secured during the summer to avoid shipment delays.
However, Mr. Minto also said that Revolution Beauty's profitability would have been higher if the company hadn't had to incur higher expenses related to shipment costs. He added that these expenses are anticipated to decline from the first half of next year.
Gross margins, on the other hand, are expected to grow strongly toward the end of the first half of next year, Mr. Minto said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
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September 27, 2021 at 09:53PM
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