NEW YORK — Revlon Inc. on Thursday posted a wider first-quarter loss compared with year-ago results, although the three months did show an 8.2 percent gain in sales.
For the quarter ended March 31, the loss was $58.2 million, or 15 cents a share, versus a loss of $46.8 million, or 13 cents, in the year-ago period. Wall Street consensus had estimated the loss per share at 12 cents. The quarter's results included restructuring costs of $9 million compared with $1.7 million a year ago. Sales grew to $325.5 million from $300.9 million.
The company said during the quarter it began its rollout of Vital Radiance and the restaging of Almay. It also consummated its $100 million equity rights offering in the period. The proceeds from the offering were used last month to reduce debt, the company said.
"Turning briefly to our organization, as you know, we have realigned our organization to, among other things, get our brand teams closer to our customer teams, and ultimately have our brand teams closer to our customers themselves," said Jack Stahl, president and chief executive officer, during a call to Wall Street analysts.
Stahl said the changes are already having "positive impacts," and the ability to get marketplace insights sooner will enable Revlon to be more responsive to the needs of its customers.
"So while we have much work left to do, we continue to make progress against our strategy to build the value of our brands, strengthen our retail partnerships, strengthen our margins [and] improve our capital structure, all with a goal in mind of creating significant long-term value in the years ahead," he said.
Sales in North America rose 11 percent to $216 million, while international sales gained 2 percent to $109 million.
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