Avon Products Inc. (AVP.N: Quote, Profile, Research), the world’s largest direct seller of cosmetics, on Friday posted a 47 percent drop in third-quarter profit as it took charges for its restructuring and resolved a dispute over value-added tax.
The company said it was on track with its restructuring and was cutting the number of products it sells and moving toward a global purchasing strategy to trim costs even more.
Earnings fell to $86.4 million, or 19 cents per share, from $163.8 million, or 35 cents per share, a year earlier.
Avon quarterly profit falls 47 percent | Business News | Reuters.com
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