USA: Avon reports Q2 sales slump
Avon has reported total revenue of $2.2.bilion for the second quarter of 2014, 13% lower than the same period of 2013.
According to Cosmetics Business, net income based on continuing operations was $20 million compared with $85 million in the same period of the previous year, while the company’s net debt stood at $1.9 billion as of 30 June 2014. This figure was said to be $170 million less than the same period of 2013.
Sheri McCoy, Avon’s Chief Executive Officer, commented: “As anticipated, our second-quarter results were tough. While Avon's turnaround remains challenging, we are putting the people and processes in place to lay the foundation for returning Avon to sustainable, profitable growth".
She went on to say "As we move to the second half of the year, we continue to expect improved performance".
Source: Cosmetics Business