Avon’s losses drop as cost cuts pay off

City A.M. Reporter
AVON yesterday reported a better-than-expected first-quarter net loss of $13.7m (£8.8m) in the latest sign the beauty company’s business continues to improve, helped by higher sales in Brazil and Russia and cost cuts.

Revenue in the quarter fell 3.5 per cent to $2.48bn, but was flat when stripping away the impact of currency changes.

In her first year at the helm, chief executive Sheri McCoy has begun taking steps to stanch a drop in the number of sales reps by improving compensation.