Avon Cuts Loss

Avon Products Inc. reported lower losses for the first quarter although sales fell sharply.

For the three months ended March 31, the net loss attributable to Avon was $147.3 million, or 33 cents a diluted share, compared with $168.3 million, or 38 cents a share in the prior-year quarter.

Total revenue slid 18 percent to $1.79 billion from $2.18 billion, while gaining 1 percent at constant currency.

The number of Avon’s active sales representatives fell 1 percent in the quarter, dragged down in part by North America.

Sales of beauty products in the quarter declined 17 percent to $1.29 billion, while ticking up 3 percent in constant currency.

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