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Avon Q2

This article was originally published in The Rose Sheet

Executive Summary

Chinese government offers verbal permission for Avon to roll out a direct-sell test program in the country, CEO Andrea Jung announces during a Q2 analyst call July 28. Company is awaiting a written agreement, she adds. Avon expects the Chinese government will allow firm to resume direct selling in early 2005. Company currently views China as its largest long-term growth opportunity; sales in the country increased over 60% in Q2, direct-seller reports. In the U.S., Avon sales grew 3% to $545.8 mil., with beauty products up 6%. Worldwide skin care sales grew 18%, and color cosmetics were up 15%, driven by the Beyond Color franchise. Personal care revenue jumped 23% on the strength of hair care and bath products, while fragrance sales were up 12%. Consolidated sales were up 13% to $1.84 bil., and net income soared 35.5% to $232.3 mil...
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