NEW YORK--Citing expenses from a restructuring program, Avon Products Inc. reported on Monday that second-quarter net earnings fell 54 percent.
For the three months ended June 30, net income was $150.9 million, or 33 cents, compared with $328.6 million, or 69 cents, in the year-ago period.
The quarter reflected 7 cents per share in costs, or $49 million, as part of Avon's three-year plan to restructure and reduce jobs.
Overall revenue increased 5 percent to $2.1 billion.
By region, sales in North America were flat at $620.1 million with a 7 percent decline in active representatives because of higher fuel costs, while Latin American sales surged 17 percent in U.S. dollars to $653.1 million. Sales in China increased 8 percent to $47.9 million, and revenue in the Asia-Pacific region dropped 10 percent in U.S. dollars to $196.3 million.
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