Shares of Revlon Inc. slumped nearly 17 per-cent, and hit a new 52-week low, following its disclosure Thursday of a 72.3 percent drop in fourth-quarter profits, but the cosmetics firm, boosted by a one-time gain from the sale of an asset, managed to finish the year in the black.
For the three months ended Dec. 31, Revlon’s profit was $11.3 million, or 22 cents a diluted share, versus $40.8 million, or 80 cents, in the year-ago period. Per share amounts have been adjusted to reflect the firm’s 1-for-10 reverse stock split of Class A and Class B common stock in September 2008. Operating income fell to $44 million from $79.3 million, with the decline driven by increased advertising costs to support new product launches.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"