Avon slumps on bribery inquiry

US REGULATORS are formally investigating whether Avon broke bribery laws overseas, and the cosmetics company has said it was again reassessing its strategy after quarterly profit fell far short of market expectations.

Avon’s third-quarter profit fell to $164.2m, or 38 cents per share, from $166.7m, or 38 cents a share, a year earlier. Revenue rose 5.7 per cent to $2.76bn.

Avon also sold five per cent fewer products in the quarter.