Shares of Avon Products Inc. had tumbled as much as 11% in premarket trade Thursday, after the beauty products seller reported a surprise loss and revenue decline and said its Chief Executive Sheri McCoy was stepping down. The net loss for the quarter to June 30 was $45.5 million, or 12 cents a share, after a profit of $33.0 million, or 6 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted loss per share was 3 cents, while the FactSet consensus was for earnings per share of 7 cents. Revenue fell to $1.40 billion from $1.43 billion, while the FactSet consensus was for a rise to $1.44 billion. Active representatives declined 3%, while operating margin decreased to 2.3% from 4.6%. Separately, the company said McCoy will step down on March 31, 2018, after 5 years in charge. Avon has retained Heidrick & Struggles to help it find McCoy's successor. The stock has tumbled 33% year to date through Wednesday, while the S&P 500 has gained 11%.
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