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Avon Reports “Unsatisfactory” Q1 2018 Results

BY DSN Staff | May 09, 2018 | read / Daily News / Financial

Avon Products, Inc., a London, U.K.-based global leader in the beauty sector, has announced its results for the quarter ended March 31, 2018. Revenue rose 5 percent to $1.4 billion; however, net loss was $21 million and the number of Avon’s active representatives fell 4 percent, the steepest decline in three years.

“Avon’s first-quarter results were unsatisfactory and do not represent the underlying potential of the business,” said Avon CEO Jan Zijderveld. “During my first 90 days, I have been deeply engaged in a comprehensive review of the company’s operations, including on-the-ground visits to many of our top markets where I have met with many of our direct selling Representatives. While we are focused on the formulation of Avon’s longer-term plans, we are already implementing near-term fixes that support the success and satisfaction of our Representatives—starting with actions to improve service delivery. Our long-term mission is clear, to return Avon to a competitive market position, and we are moving with deliberate urgency to design our turnaround plan.”

For the Europe, Middle East and Africa segment, revenue was up 12 percent, or 2 percent in constant dollars, both including a benefit of approximately 5 percent due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives and lower average order.

In South America, revenue was relatively unchanged, or up 4 percent in constant dollars, both including a benefit of approximately 9 percent due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives. Revenue and constant-dollar revenue were primarily impacted by a decline in Brazil, partially offset by growth in Argentina, driven by inflationary pricing.

In North Latin America, revenue was up 1 percent, or down 3 percent in constant dollars, both including a benefit of approximately 5 percent due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives and, to a lesser extent, by lower average order.

In Asia Pacific, revenue was down 2 percent, or 3 percent in constant dollars, both including a decline of 1 percent due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives, most significantly in Malaysia, as well as lower average order.

You can read the full Avon Q1 2018 report, here.

Posted in Daily News, Financial and tagged Africa, Argentina, Avon, Avon Products, Brazil, competitive market position, decline, Direct Selling, Direct Selling News, DSN, EMEA, Europe, Jan Zijderveld, London, Malaysia, Middle East, MLM, Multi-Level Marketing, Q1, report, revenue, turnaround, U.K..
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