Revlon Posts Bigger 1Q Loss

Revlon Inc. reported a higher first-quarter loss due to restructuring costs and operating expenses offset an increase in revenue.

For the quarter ended March 31, Revlon reported a loss of $58.2 million (15 cents per share) compared with a prior-year loss of $46.8 million (13 cents per share). Revenue rose 8 percent to $326 million from $301 million.

Revlon said spending on the introduction of the Vital Radiance line, along with a revamp of its Almay brand, offset the revenue gains, but these products are expected to contribute to improved results over the course of the year.

Revlon’s long-term debt stood at $1.3 billion at the end of the quarter, down from $1.41 billion in the year-ago period.

The company said it would use proceeds from a planned $75 million stock sale scheduled to be completed by the end of June to strengthen its balance sheet. Revlon completed a $110 million stock offering during the quarter, proceeds of which it used to pare debt.