Stronger sales helped Avon Products Inc. more than double second-quarter earnings.
Profits shot up 109.1 percent to $235.6 million, or 55 cents a diluted share, from $112.7 million, or 26 cents a year ago. Sales for the three months ended June 30 advanced 17.5 percent to $2.74 billion from $2.33 billion.
“Like our peers, we are experiencing input cost pressures in the current business environment,” said Andrea Jung, chairman and chief executive officer. “The savings and benefits from our strategic initiatives, our ongoing ability to capture strategic price increases, and the leverage from our revenue growth are helping to offset these cost pressures.”
For the first half, earnings increased 60 percent to $420.3 million, or 98 cents a diluted share, on a 16 percent rise in sales to $5.24 billion.
For complete coverage, see Thursday’s issue of WWD.