reported a fourth-quarter loss Monday that badly missed Wall Street's raised expectations.
For its fourth quarter ended Dec. 31, Revlon lost $29.6 million, or 58 cents a share, excluding one-time charges, narrowing its loss of $126.5 million, or $2.47 a share in the year-ago period. Still, four analysts surveyed by
First Call/Thomson Financial
expected the company to lose just 27 cents a share.
The cosmetics manufacturer posted fourth-quarter net sales of $321.1 million, down from $414.4 million in the same quarter one-year ago.
Revlon said that new products are the centerpiece of its turnaround strategy, which also includes cost-reduction initiatives. ``We expect our new product pipeline will be our strongest since 1994, the year we introduced the ColorStay line," the company said.
The company also said new trade terms with retailers, which took effect Jan. 1, should result in decreased returns and related costs, enabling the company to improve margins.
Shares of Revlon were down 14 cents, or 3%, to $4.44 in
New York Stock Exchange