This article was originally published in The Rose Sheet
Executive SummaryPromotions of value-driven products, defined as offering great quality for affordable prices, drove beauty unit growth of 2% in the first quarter, Avon Chairman and CEO Andrea Jung said in a May 5 earnings release. Advertising spend of $78 mil. in the quarter helped support "smart value" products, such as Christian La Croix fragrance Absynthe and Derma-Full skin care, firm notes. Net beauty sales fell 12% (representing growth of 5% on a local-currency basis) to $1.56 billion, with color cosmetics leading the categories with 10% growth. Skin care sales were down 4%. Overall revenue was $2.2 bil., representing a decline of 13% on a year-over-year basis (up 3% on a local currency basis). Sluggish sales drove net income down 37% to $117.5 mil
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