05.05.16
Avon Products, Inc. reported first-quarter 2016 results.
Total revenue for Avon Products, Inc. declined 16% to $1.3 billion, but increased 2% in constant dollars1 and increased 3% in constant dollars when excluding the impact of the sale of Liz Earle. In addition, Adjusted Diluted Earnings per Share from Continuing Operations declined $0.10 per share versus the same period last year and included a negative currency impact of $0.13 per share, driven by the strength of the U.S. dollar against the currencies in which the Company operates.
"Our first-quarter results were in line with our expectations, and we are executing against our transformation plan with speed and rigor. Since sharing the plan with the investment community in January, we have successfully completed the sale and separation of the North America business, implemented a new organizational structure, identified actions to deliver our 2016 savings targets, and reconstituted our Board of Directors," said Sheri McCoy, Chief Executive Officer of Avon Products, Inc. "With these actions, we are well-positioned as we move forward aggressively to drive out cost, invest in growth, and improve our financial flexibility."
Total revenue for Avon Products, Inc. declined 16% to $1.3 billion, but increased 2% in constant dollars1 and increased 3% in constant dollars when excluding the impact of the sale of Liz Earle. In addition, Adjusted Diluted Earnings per Share from Continuing Operations declined $0.10 per share versus the same period last year and included a negative currency impact of $0.13 per share, driven by the strength of the U.S. dollar against the currencies in which the Company operates.
"Our first-quarter results were in line with our expectations, and we are executing against our transformation plan with speed and rigor. Since sharing the plan with the investment community in January, we have successfully completed the sale and separation of the North America business, implemented a new organizational structure, identified actions to deliver our 2016 savings targets, and reconstituted our Board of Directors," said Sheri McCoy, Chief Executive Officer of Avon Products, Inc. "With these actions, we are well-positioned as we move forward aggressively to drive out cost, invest in growth, and improve our financial flexibility."
