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Avon Suffers Losses for Tenth Straight Quarter

Cosmetics maker Avon Merchandise Inc missed first-quarter income estimates on Thursday, damage by decrease variety of direct gross sales representatives in Europe, Center East & Africa, and South Latin America. The corporate’s energetic representatives declined for the tenth straight quarter and dropped 9 %, pushed mainly by declines in Brazil and Russia for the quarter. The ‘Little Black Costume’ fragrance maker is a direct-promoting model that has gross sales representatives popularly often known as ‘Avon Women,’ who go door-to-door to promote its lipsticks, skincare and different merchandise.

The corporate, which has been tormented by falling gross sales, launched its turnaround program ‘Open Up Avon’ last year to reboot direct promoting, whereas investing in e-commerce and digital capabilities. Gross sales in Europe, Center East, and Africa fell 19 p.c to $458.7 million (£351.three million) and 17% in South Latin America. The corporate’s loss widened to $32.7 million, or 9 cents per share, within the first quarter ended March 31 from $20.three million, or 6 cents per share, a 12 months earlier.

Gross income fell 15 p.c to $1.19 billion and missed analysts’ average estimate of $1.24 billion, based on IBES knowledge from Refinitiv.

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