Avon Products Inc., the largest door direct seller of cosmetics, said Tuesday its net income rose 23 percent helped by stronger sales in Brazil, Russia and China.
The New York-based company reported a net income of $184.7 million, or 43 cents a share, compared with $150 million, or 34 cents a share, a year earlier. Analysts estimated earnings of 44 cents a share on revenue of $2.43 billion excluding items.
Its total revenue increased 14 percent to $2.5 billion benefiting from currency translations.
Net sales surged 15 percent to $2.48 billion amid double-digit gains in all product sectors including beauty, fragrance and color, cosmetics and personal care and skin-care products. Despite of a decline of 17 percent in North America profit and 6 percent loss in revenue due to a weak economy, the company showed progress in China, Latin America and Turkey.
Sales in China rose 29 percent and 32 percent in Latin America lifted by 60 percent gain in Brazil. Sales in the Central, Eastern and Western Europe, Middle East & Africa jumped 17 percent each. In Asia-Pacific sales increased 9 percent.
Excluding restructuring costs, the cosmetic maker earned 47 cents a share. Shares of Avon Products closed 0.45 percent up at $40.26 at the closing trading on Tuesday. In after hours electronic trade shares fell slightly 0.27 percent to $40.15.
The company is going through a multiyear restructuring program which begun in 2005, and it's expected to save the group about $430 million annually by 2012.