Avon’s Shares Fall

Avon Products Inc. shares fell sharply yesterday after the company announced it was no longer going to provide mid-quarter earnings forecasts. According to a company spokesperson, Avon will still provide earnings forecasts in quarterly earnings releases.

Shares dropped $2.07, or 5.2 percent, to $37.93 on the New York Stock Exchange. The stock, which is approaching its 52-week low of $36.08, has slipped 2 percent so far this year.

Avon said its decision to stop giving mid-quarter updates of its business performance was “in line with the practices of a majority of peer companies.” The company said it will release its second-quarter results on July 25, and third-quarter results on Oct. 28.

“The level of guidance we provide in quarterly releases and SEC filings is very adequate in terms of keeping investors informed about Avon’s prospects,” the spokesperson said.

The company also projected revenue growth in the second quarter “should accelerate” ahead of the first quarter, when it reported revenue of $1.88 billion.