Revlon Loss Widens

The cosmetics maker is hit by costs from its turnaround efforts.
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Revlon

(REV) - Get Report

reported a wider third-quarter loss Tuesday due to charges related to its turnaround efforts and losses from its beleaguered Vital Radiance brand.

The cosmetics maker posted a loss of $100.5 million, or 24 cents a share, compared with a year-earlier loss of $65.4 million, or 17 cents a share.

Sales rose to $305.9 million from $275.3 million, exceeding the company's September projection of $280 million to $290 million.

The results were better than Thomson First Call's average analyst estimate for a loss of 33 cents a share and sales of $286 million.

Revlon recorded $49 million in charges in the quarter related to its plan to

discontinue Vital Radiance, a line of makeup geared toward older woman that failed to gain traction following its launch earlier this year.

Revlon estimated that third-quarter sales were hit by $15 million due to Vital Radiance.

The company also recorded charges related to job cuts and severance from its CEO change during the quarter.

"Our results in the quarter reflect the important, and admittedly costly, decisions we have made to position Revlon for future success," said President and CEO David Kennedy, who took over the top spot in September following the abrupt departure of Jack Stahl.

Looking ahead, Revlon reiterated its forecast for full-year sales of $1.34 billion.