Avon U.S. Sales Tumble 15%; McCoy Sees Signs of Stabilization
Avon encouraged Wall Street with an increase in adjusted earnings, but there was no cheering for the U.S. market where net sales tumbled double digits. Sheri McCoy, Avon CEO, said the company continued to see “signs of stabilization” and positive results from its cost savings initiatives in the first quarter. While net earnings in the quarter declined $13 million, Avon reported adjusted net income of $112 million, or 26 cents a share, higher than expected, boosting the stock.
BY Aubree Mercure | PUBLISHED May 1, 2013
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