Revlon Inc. reported a first quarter net loss, and sales declines, as the company spent more in brand support and met foreign currency headwinds.
The company reported a net loss of $900,000, or 2 cents a diluted share, compared with net income of $5.5 million, or 11 cents a share, in the year-ago period.
RELATED CONTENT: WWD Earnings Tracker >>
Net sales in the first quarter ended March 31, decreased 6.7 percent to $438.5 million, from $469.8 million. Sales were essentially flat in constant currency.
Revlon president and chief executive officer Lorenzo Delpani cited a large number of product initiatives in the year-ago quarter, the impact of foreign currency exchange and higher marketing spending as the reasons for the sales results.
Sales in the consumer segment declined 4.5 percent to $324.3 million, and ticked up 1.4 percent in constant currency. Sales in the professional segment decreased 12.4 percent to $114.2 million, and were down 3.8 percent in constant currency.