Neville Prior

Avon Above Expectations

Neville Prior  8 August 2016 02:18:09 PM
Image:Avon Above Expectations
The company reported a profit increase from $28.8 million in 2015 to $33 million this year. Meanwhile revenue fell 8.3 percent to $1.41 billion. However, despite the fall, the figures beat expectations of an analyst poll by Thomas Reuters. Avon announced that, on a per-share basis, earnings fell from 7 cents a share in 2016 to 6 cents a share. Indeed, the company has fell foul of the rising demand for e-commerce from consumers, which has hit the direct sales industry hard.  CEO Sherilyn McCoy said on the earnings call, “Our performance improvements were broad-based with 9 of our top 10 markets growing in local currency. While we recognize that it's still early on our transformation and much effort and work lies ahead, I remain confident. Avon is on a path to sustainable, profitable growth." Shares in the company jumped 14 percent yesterday following the results.
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