Avon has reported a Q4 loss of $10.7 million, with a loss of 4 cents on a per-share basis, missing Wall Street expectations.
The company reported a revenue fall of 2 percent to $1.57 billion, hindered in part due to a lack of sales representatives and currency problems. Active sales reps fell by 2 percent in Q4, with falls in Asia Pacific, Europe and Middle East Africa. Revenue failed to meet expectations of $1.61 billion.
Indeed, weak demand was felt in all markets apart from South Latin America, with a 7 percent revenue fall in Europe, Middle East and Africa, and 10 percent in north Latin America. South Latin America saw a 9 per cent revenue increase.
Sheri McCoy, Chief Executive Officer of Avon Products, Inc, said, “Avon’s third-quarter results reflect broad-based performance improvements resulting in local currency sales growth across our top markets and significant operating margin expansion versus the prior year.
“We have also taken actions to significantly improve our balance sheet and have accelerated the pace of our 2016 cost savings initiatives. I am pleased with our progress against the Transformation Plan as we continue to position Avon to deliver sustained long-term profitable growth.”