Fears of job losses as Revlon's Q3 sales drop

Third quarter sales were down to $655.4m, compared with $666.5m for the same period last year

US cosmetics giant Revlon has admitted it could lay off staff following a drop in sales for Q3 2018, to $655.4m, compared with $666.5m for the same period last year.

But adjusted operating income was $26 million, up from $14.3 million a year ago, while reported net loss stood at $11.1 million, compared with $32.4 million for the same period last year. Revlon shares rose 26% on the news of the results, which were better than expected.

On a constant currency basis, said the company, net sales were slightly positive year-on-year, driven by strong growth in the Revlon segment in North America and the Elizabeth Arden segment.

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