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A Quarterly Turnaround At Avon Products

June 6, 2013

• After months—no years—of bad news, things may finally be turning around at Avon Products, Inc.

The company reported a better-than-expected first-quarter results, helped by higher sales in key markets Brazil and Russia and cost cuts.

Avon said that revenue in the quarter fell 3.5% to $2.48 billion, but was flat when stripping away the impact of currency fluctuations.
Avon’s growth in Latin America and Eastern Europe contrasted with a poor showing in North America and in China, where sales again slid, falling 15% and 31% respectively.

The company is in the process of cutting $400 million in selling, general and administrative costs per year and has cut hundreds of jobs and exited markets like Korea and Vietnam.
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