Revlon brand's value drops below $1 billion

Anne Stych
Revlon brand's value drops below $1 billion

Revlon Inc. reported net sales for its flagship brand dropped below $1 billion and that a "material weakness" in its internal financial reporting controls would delay the company from filing its annual financial performance summary with the Securities and Exchange Commission. The company posted overall net sales of $2.56 billion for 2018, down 4.8 percent from the prior year for a net loss of $294.2 million, Women’s Wear Daily reported. Sales for the Revlon brand were $998.3 million, down from $1.09 billion.  The Form 10-K filing delay was caused by an issue with enterprise resource planning software, the company said, and will be completed no later than March 29, but financial results are not expected to change.