- Avon Products (NYSE:AVP +3.5%) reports sales rose 2% in Q1 excluding the currency impact.
- Total units sold declined 4% during the quarter.
- Price/mix was up 6% during the period.
- Average order grew 4% Y/Y.
- Geographic revenue breakdown: Europ,Middle East $ Africa: $520.4M (-2%, +11% in constant dollars); South Latin America: $426.4M (-28%, -2% in constant dollars); North Latin America: $204.7M (-11%, +2% in constant dollars); Asia-Pacific: $136.7M (-17%, -10% in constant currency).
- Category sales: Total Beauty: $951.4M (-18%); Total Fashion & Home: $328.6M (-13%); Other: $26.5M (+38%).
- Adjusted gross margin rate dropped 130 bps to 60.3% due to unfavorable impact of foreign exchange.
- Adjusted operating margin rate squeezed 230 bps to 4.2%.