Financial News

A Quarterly Turnaround At Avon Products

Author Image

By: TOM BRANNA

Editor

• 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.

Keep Up With Our Content. Subscribe To Happi Newsletters