NEW YORK — After six months of heavy lifting, Revlon has begun to reap the rewards of its restructuring plan.
The beauty firm’s cost-cutting and modest sales increase helped narrow Revlon’s loss during the first quarter ended March 31 to $35.2 million, or 7 cents a diluted share, from a loss of $58.2 million, or 15 a share, in the prior-year period. Revlon’s sales for the quarter gained 1 percent, to $328.6 million from $325.5 million, fueled by international growth and offset somewhat by lower product shipments.
“Our performance this quarter was driven by a modest increase in sales and a significant decrease in costs, which was a direct result of the restructuring actions we announced last year,” Revlon president and chief executive officer David Kennedy said in a statement.