Avon's lower profit misses expectations

By @ibtimes on

Avon Products Inc posted a steeper-than-expected drop in quarterly profit, weighed down by weak sales and restructuring charges.

The world's largest direct seller of cosmetics earned $229.5 million, or 53 cents per share, compared with a profit of $269.4 million, or 62 per share, a year earlier.

Avon said on February 1 that it would record restructuring charges of about $58 million, or 9 cents per share, in the fourth quarter.

Adjusted earnings from continuing operations fell to $259 million, or 59 cents per share, from $293 million, or 68 cents per share, a year earlier. Analysts had expected a profit of 67 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 1.3 percent to $3.18 billion, missing analysts' average target of $3.28 billion.

(Reporting by Jessica Wohl, editing by Maureen Bavdek)

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