AVON QUARTER MOVES BACK TO BLACK INK
NEW YORK — Avon Products Inc. reported earnings for its first quarter on 9 percent sales growth.
The direct seller of beauty and related products reported $74.8 million in income, or 31 cents per share, for the quarter ended March 31, compared with a $48.9 million loss last year. Last year’s results included a onetime after-tax charge of $121.9 million related to Avon’s business reengineering activities. Excluding the onetime charge, the company would have had $73 million in income, or 28 cents per share.
Sales for the quarter were up 9 percent to $1.32 billion from $1.21 billion. The company said sales in the U.S. were up 6 percent. Sales in Latin America rose 10 percent; in Europe, 6 percent and in the Pacific region, 22 percent.