NEW YORK — Sheri McCoy spent her first 100 days at Avon Products Inc. working to uncover Avon’s most pressing issues across the globe. But her toughest days may lie ahead.
McCoy, who joined Avon as its chief executive officer in April, struck a frank tone in presenting the company’s challenges to Wall Street analysts during an earnings call on Wednesday. She had little choice: Avon’s second-quarter net income slid 70 percent to $62.7 million, or 14 cents a diluted share, compared with $208.7 million, or 47 cents a share, in the year-ago period. Total revenue for the three months ended June 30 declined 9.4 percent to $2.59 billion, compared with $2.86 billion in the year-earlier period, as Avon lost traction with its representative base. The number of active representatives declined 3 percent in the quarter. The company’s beauty business also felt the pinch of a smaller sales force: Sales in the category declined 9 percent, or were flat in constant dollars. “Avon’s second-quarter financial results are not good and they reflect the challenges we are working to address,” McCoy said.
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