Revlon Can’t Make Disappointing Earnings Look Good
Share of Revlon (NYSE:REV) dropped an astonishing 37.50% upon announcing weaker than predicted sales. The change in price decreased the value of the company by approximatly half a billion dollars. Other companies, such as Avon, Estee Lauder, and Procter & Gamble saw declines in their share prices as well do to the fact that the cosmetic industry appears to be oversaturated. Revlon has lost money over the past three years and it appears that this will continue unless the company can execute its original plan to drastically cut costs and introduce new products to spur growth.