May 10, 2017
Avon Announces Q1 2017 Financial Results
Avon Products Inc., the London-based beauty company, reported that revenue for the first quarter of 2017 increased 2 percent to $1.3 billion.
“Our first quarter was broadly in line with our expectations, and we remain confident in our strategic initiatives and the progress against our plan,” said Sheri McCoy, CEO of Avon Products. “We are moving into the second year of our three-year Transformation Plan, in which we will continue to build on the robustness of our brand, drive beauty innovation, and invest in initiatives to enhance Representative engagement while ensuring continued cost discipline.”
In EMEA, revenue was down 2 percent, impacted by declines in Active Representatives and average order. Russia revenue was up 13 percent, and U.K. revenue was down 18 percent.
South Latin America revenue was up 17 percent, driven primarily by higher average order, partially offset by a decrease in Active Representatives. Brazil revenue was up 26 percent.
In North Latin America, revenue was down 6 percent, benefiting from higher average order. Mexico revenue was down 10 percent, primarily driven by higher average order, partially offset by a decline in Active Representatives.
Asia Pacific revenue was down 8 percent. Modest constant-dollar growth in the Philippines was not enough to offset declines in most other markets. The segment’s constant-dollar revenue decline was driven by a decrease in Active Representatives, partially offset by higher average order.
To see the full Avon report, click here.
Avon was No. 2 on last’s month’s DSN Global 100 ranking of the top direct selling companies in the world. The company reported earnings of $5.7 billion for 2016.