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Avon Reports 4Q Total Revenue Rises 17%
2008-02-05 | 09:19
Avon Products, Inc. reported that its fourth-quarter 2007 total revenue grew 17% to $3.1 billion.
Avon Products, Inc. reported that its fourth-quarter 2007 total revenue grew 17% to $3.1 billion. All six operating regions contributed to the company's revenue growth. Sales of beauty products rose 20% and active representatives increased 11%. Units sold were up 8% versus the prior-year quarter.
However, net income dropped in the fourth quarter 2007 at $129 million—compared with $184 million in the year-ago quarter. Fourth-quarter operating profit of $225 million decreased 21% from 2006's level of $282 million.
On Jan. 8, 2008, Avon announced the final initiatives of the restructuring program under its turnaround plan, begun in late 2005. Avon expects to achieve annualized savings of approximately $430 million once all initiatives are fully implemented by 2011-2012, with savings projected to reach $300 million in 2009.
However, net income dropped in the fourth quarter 2007 at $129 million—compared with $184 million in the year-ago quarter. Fourth-quarter operating profit of $225 million decreased 21% from 2006's level of $282 million.
On Jan. 8, 2008, Avon announced the final initiatives of the restructuring program under its turnaround plan, begun in late 2005. Avon expects to achieve annualized savings of approximately $430 million once all initiatives are fully implemented by 2011-2012, with savings projected to reach $300 million in 2009.
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