Business

Stronger dollar, weak sales weigh on Avon 2Q

Posted August 01, 2012 7:13 am

Associated Press

NEW YORK — Avon Products says its second-quarter net income fell 70 percent, hurt by the stronger dollar and lower demand globally for its makeup and skin care products.

The maker of beauty products including Skin So Soft lotion and mark cosmetics says net income fell to $61.6 million, or 14 cents per share. That compares with $206.2 million, or 48 cents per share, a year ago.

Excluding one-time items, net income totaled 20 cents per share. Analysts surveyed by FactSet expected 21 cents per share.

Revenue fell 9 percent to $2.59 billion from $2.86 billion last year. Analysts expected revenue of $2.68 billion.

New York-based Avon Products Inc. says revenue fell across all regions, with a 9 percent drop in Latin America, its largest region, and a 6 percent drop in the U.S.

Article Comments

Article Categories
Business

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.