Revlon Inc. (REV) Posts Loss
Revlon Inc., the beauty products maker controlled by financier Ron Perelman, said Tuesday it swung to a fourth-quarter loss as U.S. sales declined and the company incurred restructuring charges and costs to discontinue its line of cosmetics for older women.
Shares dropped more than 5 percent in morning trading.
New York-based Revlon, which markets such products as Charlie perfume and Almay cosmetics, lost $5.5 million, or a penny per share, for the three months ended Dec. 31 compared with a profit of $64.3 million, or 17 cents per share, during the same period a year ago.
Revenue fell 14 percent to $378.9 million from $437.8 million during the prior-year period. The decline was mainly due to lower shipments, partly offset by lower returns, allowances and discounts. Year-ago results were helped by a relaunch of its Almay brand and the launch of Vital Radiance products which has since been discontinued.
Shares dropped more than 5 percent in morning trading.
New York-based Revlon, which markets such products as Charlie perfume and Almay cosmetics, lost $5.5 million, or a penny per share, for the three months ended Dec. 31 compared with a profit of $64.3 million, or 17 cents per share, during the same period a year ago.
Revenue fell 14 percent to $378.9 million from $437.8 million during the prior-year period. The decline was mainly due to lower shipments, partly offset by lower returns, allowances and discounts. Year-ago results were helped by a relaunch of its Almay brand and the launch of Vital Radiance products which has since been discontinued.
Labels: REV, Revlon Inc.
posted by Stock Administrator @ 2:09 PM
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