Revlon’s Q3 sales fall 20%

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Revlon Inc. shares fell 7% on the extended session Thursday after the beauty products maker reported a third straight quarterly loss. Revlon said it lost $44.5 million, or 83 cents a share, in the third quarter, compared with a loss of $44.7 million, or 84 cents a share, in the year-ago period. Adjusted for one-time items, Revlon lost 58 cents a share. Sales fell 20% to $477.1 million, the company said. There were no available consensus numbers for Revlon. “While COVID-19 continues to have a significant impact on both the beauty industry overall as well as on our business, I am pleased that our third quarter 2020 results reflected a sequential improvement in our net sales decline versus the prior quarter,” Revlon Chief Executive Debra Perelman said in a statement. “We remain diligent in managing our cost base to reduce COVID-19’s impact on our profitability.” Revlon made progress in the quarter expanding its e-commerce business, which represents about 12% of its net sales, she said. Shares of Revlon rallied 11% in the regular session.
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