Avon Loss Widens As It Books Charges And Pushes Ahead With Restructuring

By Markets MarketWatch Pulse

Avon Products Inc. said Thursday it had a net loss of $165.9 million, or 38 cents a share, in the first quarter, wider than the loss of $147.3 million. or 33 cents a share, posted in the year-earlier period. The company said its adjusted per share loss came to 7 cents, missing the FactSet consensus for earnings per share of 3 cents. Revenue fell 16% to $1.3 billion, matching the FactSet consensus. The quarter included charges related to the deconsolidation of the company's Venezuela business. The company said it is executing on its transformation plan unveiled in January. "We have successfully completed the sale and separation of the North America business, implemented a new organizational structure, identified actions to deliver our 2016 savings targets, and reconstituted our Board of Directors," Chief Executive Sheri McCoy said in a statement. Shares were down 2.3% in premarket trade, but are up 6% in the year so far, while the S&P 500 has gained 0.4%.

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