Losses Widen at Revlon

Cosmetics company Revlon Inc. on Thursday said its first-quarter loss widened as it spent money to improve store displays, discontinue products and on other efforts aimed at improving its business.

The New York-based company posted a net loss of $48.7 million, compared with a loss of $46.1 million, or 88 cents a share, in the year-ago period.

“Our growth plan remains on track, and we are confident in our ability to execute effectively to drive improved results as we move forward,” said Revlon President and Chief Executive Jack Stahl.

Revlon said the growth plan involves its advertising and promotional spending, in-store wall displays, discontinuing some products and adjusting prices on others.

During the quarter, Revlon said it incurred expenses of about $11 million associated with implementing the plan. It expects the growth plan and related actions will result in charges of up to $160 million, $115 million of which has been recognized to date. Net sales rose to $292 million from $275.4 million, bolstered by a strong performance in North American and international operations.