Revlon Announces Cost-Cutting Plan; CoverGirl’s Flagship Store; More Cosmetics News In Brief

Revlon Group Inc. announced a cost-cutting plan in conjunction with its fiscal 2018 third-quarter results Nov. 9, targeting between $125m and $150m in savings by the end of 2019 by streamlining operations and reducing headcount. “It is essential that we maximize the productivity of our resources across our businesses so that we can fully realize the benefits of our growth strategy in the future," says CEO Debra Perelman in the company’s release. Higher operating income contributed to a lower net loss of $11.1m for the quarter ended Sept. 30, compared with the firm’s $32.4m loss in the prior-year period. Third-quarter sales totaled $655.4m, a decline of 1.7% on a reported basis. In constant currency terms, sales were up slightly for the period. Key sales drivers were the Revlon brand in North America and Elizabeth Arden, the latter advancing 16.5% to $122.1m, reflecting strong international sales of skin-care ranges Ceramide and Prevage, according to the company.