Alexa
  • Directory of Taiwan

Avon Products 1Q profit falls 36 pct

Avon Products 1Q profit falls 36 pct

Avon Products says first-quarter profit fell 36 percent, due to significant foreign exchange pressures and the impact of the global recession.
Net income decreased to $117.3 million, or 27 cents per share, from $184.7 million, or 43 cents per share, a year earlier.
Revenue fell 13 percent to $2.18 billion, as foreign exchange pressured growth by 16 percentage points. On a local-currency basis, revenue rose 3 percent.
Analysts, who usually exclude items in their estimates, expected 33 cents in earnings per share and $2.13 billion in revenue.
Two months ago, Avon announced a restructuring that incorporated a freeze on salaries and hiring. New York-based Avon has already cut jobs, raised prices, and tried to boost the number of sales representatives who sell Avon's products.


Updated : 2021-06-13 07:50 GMT+08:00