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Revlon’s Fourth Quarter Loss Widens

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By: TOM BRANNA

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Cosmetics company Revlon Inc., New York, reported a bigger fourth quarter loss as it spent more to promote its brands and paid for more returned items, in part because it is eliminating some products. The maker of Revlon, Almay and ColorStay products said its net loss widened to $179.4 million, or $3.44 per share, from $28.3 million, or $0.54 a share, a year earlier.

Experts said Revlon has suffered from a heavy debt load and tough competition from Procter & Gamble Co., which owns the Cover Girl and Max Factor brands, and France’s L’Oreal, which owns Maybelline.

Sales fell 34% to $212.6 million. Last month, Revlon’s board approved a proposal by MacAndrews & Forbes, which is owned by Revlon chief executive officer Ronald Perelman, to provide it with $150 million in cash to help it fund a strategic plan.

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