Revlon jumps; in­vestors em­brace cost-cutting

The Atlanta Journal-Constitution - - BUSINESS -

Revlon Inc. surged the most in a month after the cos­met­ics gi­ant said it will re­duce costs by as much as $150 mil­lion by the end of next year in a plan that will in­clude job cuts. Revlon is re­al­lo­cat­ing re­sources to fo­cus on “higher-pri­or­ity growth ar­eas,” Chief Ex­ec­u­tive Of­fi­cer De­bra Perel­man said in a state­ment Fri­day. She said the plans will lead to some head­count re­duc­tions. Revlon has strug­gled to turn around its busi­ness as it fends off a grow­ing field of com­peti­tors. Spe­cialty beauty stores and on­line-only con­cepts have rat­tled the cos­met­ics in­dus­try. The com­pany is al­ready mak­ing some progress. Profit re­bounded in the third quar­ter from a loss a year ear­lier. The shares jumped more than 31 per­cent Fri­day to close at $28.61. The stock had been un­changed this year through Thurs­day’s close, com­pared with the 5 per­cent gain in the S&P 500 In­dex.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.