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Avon Products 1Q profit tumbles 82 percent

Avon Products 1Q profit tumbles 82 percent

Avon Products Inc. says its first-quarter profit tumbled 82 percent, hurt by a bigger restructuring charge, commodity costs and higher labor costs. The company is fending off makeup company Coty's takeover overture and adjusting to its new CEO.
The New York-based beauty company reported net income of $26.5 million, or 6 cents per share, for the period ended March 31. That's down from $143.6 million, or 33 cents per share, a year earlier.
Excluding one-time items, earnings were 10 cents per share. Analysts expected earnings of 28 cents per share.
Revenue slipped 2 percent to $2.58 billion but beat Wall Street's estimate of $2.52 billion.
Fragrance and skincare sales dipped 1 percent, while sales of personal care products fell 2 percent on a reported basis.


Updated : 2021-05-14 12:33 GMT+08:00