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Revlon's Deeper Red: Firm Posts 17th Straight Quarterly Loss.(Revlon Inc.)
Byline: Evan Clark NEW YORK - Revlon Inc.'s customers might look radiant in red, but the color doesn't become its financial statements.
The beauty firm's net losses for the fourth quarter widened more than sixfold to $179.4 million, or $3.44 a share. This compared with the year-ago deficit of $28.3 million, or 54 cents. The quarterly loss extends Revlon's losing streak to 17 in a row. Investors were none too pleased and traded shares of the cosmetics firm down 18 cents, or 6.3 percent, to close at $2.70 Thursday on the New York Stock Exchange.
The quarter's results were dragged down by charges of approximately $100 million from the firm's growth and restructuring plan. The sum went toward selective product rationalization and pricing adjustments on several product lines. Up to $60 million in similar charges could be taken over the next two years.
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