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Avon Reports Second Quarter Results

The company is reporting its second quarter 2015 results.

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By: Marie Redding

Senior Editor, Rodman Media

Avon Products, Inc. today reported second-quarter 2015 results. “Our overall second-quarter performance was in line with our expectations in an environment of extraordinary currency pressure. Market by market, our local teams are operating effectively as they address consumer demands, improve Representative engagement and manage cost,” said Sheri McCoy, Chief Executive Officer of Avon Products, Inc. “In addition, given that we anticipate the challenging environment to continue, we have taken steps to improve our financial flexibility.”

Total revenue for Avon Products, Inc. decreased 17% to $1.8 billion, but was relatively unchanged in constant dollars. Gross margin was 60.9%, down 210 basis points. Adjusted gross margin was 61.2%, down 180 basis points, primarily due to the unfavorable impact of foreign exchange, partially offset by the favorable net impact of price/mix. Operating margin was 5.0% in the quarter, up 70 basis points. Adjusted operating margin was 6.0%, down 250 basis points, primarily due to the unfavorable impact of foreign exchange.

Net income was $30 million, or $0.07 per diluted share, compared with $20 million, or $0.04 per diluted share, for the second quarter of 2014. Adjusted net income was $48 million, or $0.11 per diluted share, compared with $91 million, or $0.20 per diluted share, for the second quarter of 2014.

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