Profit slumps again for Revlon
US cosmetics company Revlon with the New York-based company
reporting a loss of $54.7 million for the period.
Softness in US colour cosmetics cut into third quarter figures for US cosmetics company Revlon with the New York-based company reporting a loss of $54.7 million for the period.
Earnings came in at 78 cents a share, on revenue of $316.5 million, compared with a loss of $22.1 million, or 41 cents a share, on revenue of $323.2 million, last year.
Net sales slipped by about 5 per cent, excluding the effects of the weak dollar, which boosted income from overseas.
But Revlon management remained upbeat. "We have developed the long-term strategies that we believe will deliver profitable and sustainable growth, and we have begun to implement a number of strategic initiatives to drive efficiency and productivity across the organisation," said Revlon president and CEO Jack Stahl.
Adding that despite the weaker figures in the US colour cosmetics category, the company remained confident that 'the actions we are taking will build and capitalise on the strength of the company's brands and enable us to achieve our objective of long-term, profitable growth."
In the third quarter, the Revlon brand increased market share to 17.3 per cent, while the Almay market share fell to 5.1 per cent.
