Avon Q1
This article was originally published in The Rose Sheet
Executive Summary
Direct-seller anticipates double-digit growth in its beauty division will resume in the second quarter and continue through the end of the year, CEO Andrea Jung says during a Q1 analyst call May 2. Category will be driven by new product introductions in the second half of the year, such as Avon Color Shine Supreme lipstick, which is slated to bow in Q4, Jung adds. Avon's U.S. beauty business struggled in Q1, with sales down 10%, due to a tough comparison with the prior year and the timing of product innovation, according to the firm. U.S. revenue fell 6% to $516.5 mil. in the quarter, while operating profit was down 15% to $76.7 mil. Worldwide beauty division sales grew 8% to $1.3 bil., with personal care sales up 11%, color cosmetics up 8%, fragrance growing 8% and skin care increasing 4%. Avon's net sales increased 6.9% to $1.86 bil., while net income grew 16.1% to $172 mil...
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