UPDATE 2-Revlon sets reverse split, sees 1st-quarter loss

(Adds stock move, reverse split details)

LOS ANGELES, April 11 (Reuters) - Cosmetics company Revlon Inc (REV.N: Quote, Profile, Research) said on Friday that its board approved a reverse split of Class A and Class B common stock at a one-for-10 ratio and said it expects to report a net loss for the first quarter.

Shares were down 10 cents or 10.4 percent to 86 cents in early afternoon trade.

Revlon said it is implementing the reverse split to bring its stock back into compliance with a New York Stock Exchange listing standard requiring a 30-trading-day average closing price of at least $1 a share. The reverse split is expected to take place in May or June.

The net loss is expected to be about $5 million, less than the net loss of $35.2 million a year earlier.

The company did not provide a break-down per share, but analysts, on average, have been expecting a loss of 4 cents per share, representing a net loss of $22.45 million, according to Reuters Estimates.

Wall Street has been expecting net sales of $342.6 million, on average -- above the $320 million the company said it anticipates.

Operating income in the quarter is expected to be $30 million, up from $3 million a year earlier, helped by cost-cutting. (Reporting by Alexandria Sage; editing by Gerald E. McCormick/Andre Grenon)