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Avon

This article was originally published in The Rose Sheet

Executive Summary

Third quarter sales were up 4% to $1.9 bil., but were flat in local currency, Avon reports Oct. 28. Net income was down 7% to $163.8 mil., firm adds. U.S. revenues fell 6% to $487.3 mil. due to lower customer purchase frequency and competition, particularly from mass market companies like Procter & Gamble and Johnson & Johnson in the anti-aging skin care category, Avon CEO Andrea Jung says. Beauty sales in the region also were down 6%. U.S. operating profit declined 11% to $63.9 mil. Jung notes she will outline more specific plans to address recent weakness in the company's performance during a Nov. 15 investor meeting...
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