Avon third quarter
This article was originally published in The Rose Sheet
Executive Summary
International business drove sales up 11.2% in the third quarter to $1.78 bil., the direct seller announces Oct. 29. Beauty sales for the period increased 15% to $1.23 bil. Sales in Latin America grew 8% in dollars, while in Europe, sales jumped 24% and in Asia Pacific, 14%. Gains offset U.S. sales decline of 1% to $502.6 mil., "reflecting weak consumer response to color cosmetics promotions in advance of a later September category relaunch, and under-performance in children's apparel and toys," Avon says. Operating profit in the region fell 9%. Going forward, the firm intends to exit certain categories of Beyond Beauty, which declined 6% in Q3, to restore the U.S. business to healthy growth. Avon consolidated net income jumped 32.9% to $176.9 mil. in the quarter ...