Revlon Stock Slumping as Dip in Mall Traffic Hurts Sales

Shares of makeup giant Revlon (REV) were tumbling by 21.98%, to $19.70, on heavy trading volume Friday afternoon, after the company said its first-quarter sales were hurt by the decline in mall traffic.

Revlon posted a loss for the first quarter, the retail sector has been struggling with changing consumer appetites. Brick-and-mortar locations have seen a decline in foot traffic as consumers now tend to do the bulk of their shopping online.

"Most of our U.S. retail partners experienced lesser foot traffic, store closures and shopper channel shifting to online and beauty specialty retail," Revlon CEO Fabian Garcia said on a call, Reuters noted.

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