Avon Products has reported a Q1 loss of $36.5 million (10 cents a share), according to a report by Marketwatch.com, missing out on industry expectations.
The adjusted loss per share was 7 cents, excluding non-recurring items, as opposed to the FactSet consensus of 1 cent.
Sheri McCoy, Chief Executive Officer, Avon Products, Inc, said, “Our first quarter was broadly in line with our expectations and we remain confident in our strategic initiatives and the progress against our plan. We are moving into the second year of our three-year Transformation Plan, in which we will continue to build on the robustness of our brand, drive beauty innovation, and invest in initiatives to enhance Representative engagement while ensuring continued cost discipline. Today we are providing full-year 2017 guidance consistent with our longer-term financial goals.”
Meanwhile revenue saw an increase of 2 percent to $1.33 billion, as opposed to $1.31 billion year on year. Strong North Latin America strong counteracted disappointing results in Europe, Middle East and South Latin America.
The company has reported it expects 2017 growth in ‘low single digits’, mirroring industry expectations of around 1.5 percent.