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Quarterly Drop at Avon, but Full Year Is Positive

November 30, -0001

Avon Products’ fourth-quarter sales fell 9% to $2.8 billion due to a substantial shift in many foreign-currency exchange rates.

For full-year 2008, the company reported that total revenue grew 8% to a record $10.7 billion.

Fourth-quarter 2008 operating profit was $372 million, up 66% from last year, while full-year 2008 operating profit jumped 53% to $1.3 billion.

Active representatives grew 4% and 7% in the fourth quarter and full year 2008, respectively.

Beauty sales in the fourth quarter 2008 were 7% lower versus the prior-year period as the impact of foreign exchange more than offset a local-currency increase of 4%, which was driven by growth in all categories, particularly fragrance and skin care. For the full year, beauty sales rose 10%.

Advertising expense decreased 7% in the fourth quarter to $100 million. On a full-year basis, advertising increased 6% to $391 million.
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