Fourth-Quarter Earnings Per Share Up 80% to $.54 NEW YORK, Feb. 3
/PRNewswire-FirstCall/ -- Avon Products, Inc. (NYSE:AVP) today
reported fourth-quarter 2008 earnings per share of $.54, up 80%
year over year bringing full-year 2008 earnings per share to $2.04,
69% ahead of the prior year. Fourth-quarter 2008 total revenue of
$2.8 billion was 9% lower than 2007's fourth quarter as the impact
of a substantial shift in many foreign-currency exchange rates more
than offset local-currency revenue growth of 2% year over year. For
full-year 2008, Avon reported that total revenue grew 8% (5% in
local currency), to a record $10.7 billion. Fourth-quarter 2008
operating profit was $372 million, up 66%, from $225 million in the
prior-year quarter, and full-year 2008 operating profit was $1.3
billion, up 53% from 2007's level. The company's fourth-quarter
operating margin rose to 13.3%, 600 basis points above 7.3% in the
year-ago quarter. Full-year 2008 operating margin was 12.5%, 370
basis points above 2007's 8.8%. Results of both 2008 periods
benefited from significantly lower costs associated with the
company's restructuring program and Product Line Simplification
(PLS) initiative. Details of 2008 Results Fourth-quarter 2008 total
revenue benefited 5% from pricing and product mix, units sold
decreased 3% and foreign exchange lowered revenue 11% versus the
prior-year quarter. For full-year 2008, total revenue benefited 4%
from pricing and product mix, units sold increased 1% and foreign
exchange increased revenue 3%. Active Representatives grew 4% and
7% year over year in the fourth quarter and full year 2008,
respectively. Beauty sales in the fourth quarter 2008 were 7% lower
versus the prior-year period as the impact of foreign exchange more
than offset a local-currency increase of 4%, which was driven by
growth in all categories, particularly: Fragrance and Skin Care.
For the full year, Beauty sales rose 10% (7% in local currency).
Advertising expense decreased 7% in the fourth quarter to $100
million. On a full-year basis, advertising increased 6% to $391
million. The company invested an incremental $9 million and $83
million of costs versus the prior-year periods, in the fourth
quarter and full-year 2008, respectively, for initiatives to
improve the Representative Value Proposition. Fourth-quarter 2008
operating profit included costs associated with the company's
restructuring program of $7 million ($.01 per share). This compared
with costs of $205 million ($.34 per share) related to the
company's restructuring program ($101 million) and PLS initiative
($104 million) in the prior-year period. Likewise, both 2008 and
2007 full-year results included costs associated with the
restructuring program, and 2007 also included significant costs
associated with the company's PLS initiative. Those costs totaled
$61 million ($.09 per share) and $346 million ($.56 per share) in
2008 and 2007, respectively. Avon continues to expect to achieve
annualized savings of approximately $430 million once all
initiatives of its multi-year restructuring program, launched in
late 2005, are fully implemented by 2011 - 2012. Those savings are
expected to reach $300 million in 2009. The company anticipates
costs to implement all restructuring initiatives under the program
from inception to completion to be approximately $530 million. Avon
continues to expect to achieve in excess of $200 million annual
benefits each, beginning in 2010, from its PLS program and
Strategic Sourcing Initiative for a total in excess of $400 million
from these two programs and over $830 million annually from all
initiatives when fully implemented. The fourth quarter's effective
tax rate of 32.3% compared with 2007's rate of 34.2%. Net income in
the fourth quarter 2008 was $232 million compared with $129 million
in the year-ago quarter. The full-year 2008 tax rate was 29.3%
versus 33.0% in 2007. The full-year 2008 rate benefited from a
one-time adjustment primarily resulting from an audit settlement.
Net income for 2008 was $875 million compared with $531 million in
2007. Avon finished 2008 with cash of $1.1 billion, up from $963
million at year-end 2007, and total debt was $2.5 billion and $2.1
billion at the respective dates. Cash flow from operations improved
to $748 million in 2008 versus $590 million in 2007, primarily due
to higher net income. Reflecting the company's financial position,
Avon's Board of Directors this morning approved a 5% dividend
increase for 2009, raising Avon's annual dividend to $.84 per
share. 2009 marks the 19th consecutive year of a regular dividend
increase. Shares repurchased in 2008 totaled $172 million, compared
with $667 million in 2007. Outlook Andrea Jung, chairman and CEO,
commented, "After nine months of strong sales performance, the
significant negative impact of foreign exchange and the depressed
economy hurt our fourth-quarter revenue performance. "It is prudent
to assume these pressures will continue for the foreseeable future,
and we therefore anticipate that 2009 will be a challenging year.
While we cannot control movements in foreign currency, our focus,
as always, will be on building and managing our business for the
long term, and continuously driving our costs lower as part of our
'constant turnaround mentality.' "We believe our model is well
suited to create income opportunities in these difficult economic
times, as we have during past challenges. Our model also allows us
to emphasize "smart value" products in the Avon brochure. Such
products have always been a hallmark of our brand, and are even
more attractive today given our improvements in product innovation
and brand image. Throughout our history, these advantages have
allowed Avon to emerge well positioned as economic conditions
improve. "In terms of our cost structure, we intend to take
significant additional steps to transform our value chain, as well
as to aggressively reduce non-strategic spending in the current
year. Our success with cost transformation as part of our
turnaround has proven our ability to move swiftly and boldly to
address key opportunities. "We are fortunate to be facing these
challenging times from a position of financial strength. We have a
solid balance sheet, an operating model that generates healthy cash
flow and a continued commitment to our dividend. This strong
foundation, coupled with the continuing execution of our turnaround
strategies and the competitive advantages of our direct selling
business model, gives us confidence to look past 2009's challenges
and to continue our focus on long-term sustainable, profitable
growth," concluded Jung. Regional Results Latin America's
fourth-quarter revenue was 5% lower year over year as foreign
exchange declines more than offset 11% local-currency revenue
growth. On a local-currency basis, the region's growth was driven
by a 15% increase in Brazil, a 29% increase in Venezuela and an 11%
increase in Mexico, which, on a reported basis, were -9%, 29% and
-8%, respectively. The region's Active Representatives grew 2%, and
units sold were up 3%. Operating profit was 28% higher (54% higher
in local currency) primarily due to the higher local-currency sales
performance and lower inventory obsolescence expense. Latin
America's fourth-quarter operating margin was 18.5%. For full-year
2008, revenue in the Latin America region grew 18% (14% in local
currency); operating profit increased 43% (38% in local currency)
and the operating margin was 17.8%. Reflecting the macro-economic
environment of the region, fourth-quarter revenue in North America
declined 11% (9% in local currency) and units were 6% lower versus
the prior year's results. Active Representatives increased 1%.
Operating profit decreased 14% (7% in local currency) versus the
2007 quarter, primarily due to lower revenue, and the region's
operating margin was 6.6%. For full-year 2008, revenue in the North
America region was 5% lower (5% lower in local currency); operating
profit was flat (up 1% in local currency) and the operating margin
was 8.6%. In Central & Eastern Europe, fourth-quarter revenue
was 14% lower, primarily due to foreign exchange. On a
local-currency basis, revenue decreased 3% for the region and 2% in
Russia, which was -11% on a reported basis, as the company's
previously successful strategy to feature mass-premium price point
products during the holiday quarter was challenged by
greater-than-anticipated consumer contraction in the region.
Fourth-quarter Active Representatives grew 1%. Units sold decreased
7%. Operating profit decreased 2% versus the 2007 quarter as the
impact of foreign exchange more than offset a 12% increase in local
currency operating profit. The operating profit improvement on a
local-currency basis was primarily due to lower inventory
obsolescence expense. The region's operating margin was 21.2%. For
full-year 2008, revenue in the Central & Eastern Europe region
grew 9% (4% in local currency); operating profit increased 17% (11%
in local currency) and the operating margin was 20.1%. Western
Europe, Middle East & Africa's fourth-quarter revenue was 16%
lower year over year as foreign-exchange declines more than offset
2% local-currency revenue growth, which was driven by growth in the
U.K. and Turkey. The region's Active Representatives grew 3% year
over year. Units sold decreased 9%. The region reported
fourth-quarter 2008 operating profit of $41 million compared with
an operating loss of $6 million in the fourth-quarter 2007. The
improvement in operating profit was largely due to significantly
lower costs to implement restructuring. Fourth-quarter 2008
operating margin was 11.4%. For full-year 2008, revenue in the
Western Europe, Middle East & Africa region grew 3% (6% in
local currency); operating profit increased to $121 million from
$34 million and the operating margin was 8.9%. Asia-Pacific
fourth-quarter revenue decreased 6% year over year due to foreign
exchange and was flat with the prior year on a local-currency
basis. On a local-currency basis, growth in the Philippines offset
a similar decline in Japan. The region's Active Representatives
were 6% higher. Units sold decreased 3% as compared with the prior
year. Operating profit expanded 86% (129% in local currency) year
over year, largely due to lower inventory obsolescence expense and
an absence of costs to implement restructuring. Operating margin in
the quarter was 12.3%. For full-year 2008, revenue in the
Asia-Pacific region grew 5% (0% in local currency); operating
profit increased 59% (54% in local currency) and the operating
margin was 11.5%. Fourth-quarter revenue in China grew 27% (17% in
local currency) year over year. Active Representatives rose 88%
year over year. Units sold decreased 8%. As a result of its revenue
growth, China's operating profit more than doubled to $19 million
from $6 million in the prior-year quarter. The region's
fourth-quarter operating margin was 17.6%. For full-year 2008,
revenue in the China region grew 25% (14% in local currency);
operating profit increased to $18 million from $2 million and the
operating margin was 5.0%. Avon will conduct a conference call at
9:00 A.M. today to discuss the quarter's results. The dial-in
number for the call is (800) 843-2086 in the U.S. or (706) 643-1815
from non-U.S. locations (conference ID number: 81147707). The call
will be webcast live at http://www.avoninvestor.com/ and can be
accessed or downloaded from that site for a period of two weeks.
Avon, the company for women, is a leading global beauty company,
with over $10 billion in annual revenue. As the world's largest
direct seller, Avon markets to women in more than 100 countries
through 5.8 million independent Avon Sales Representatives. Avon's
product line includes beauty products, fashion jewelry and apparel,
and features such well-recognized brand names as Avon Color, Anew,
Skin-So-Soft, Advance Techniques, Avon Naturals, and Mark. Learn
more about Avon and its products at http://www.avoncompany.com/.
CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" STATEMENT
UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements in this release that are not historical facts or
information are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as
"estimate," "project," "forecast," "plan," "believe," "may,"
"expect," "anticipate," "intend," "planned," "potential," "can,"
"expectation" and similar expressions, or the negative of those
expressions, may identify forward-looking statements. Such
forward-looking statements are based on management's reasonable
current assumptions and expectations. Such forward-looking
statements involve risks, uncertainties and other factors, which
may cause the actual results, levels of activity, performance or
achievement of Avon to be materially different from any future
results expressed or implied by such forward-looking statements,
and there can be no assurance that actual results will not differ
materially from management's expectations. Such factors include,
among others, the following: -- our ability to implement the key
initiatives of and realize the operating margins and projected
benefits (in the amounts and time schedules we expect) from our
global business strategy, including our multi-year restructuring
initiatives, product mix and pricing strategies, enterprise
resource planning, customer service initiatives, product line
simplification program, sales and operation planning process,
strategic sourcing initiative, outsourcing strategies,
zero-overhead-growth philosophy, cash flow from operations and cash
management, tax, foreign currency hedging and risk management
strategies; -- our ability to realize the anticipated benefits
(including any projections concerning future revenue and operating
margin increases) from our multi-year restructuring initiatives or
other strategic initiatives on the time schedules or in the amounts
that we expect, and our plans to invest these anticipated benefits
ahead of future growth; -- the possibility of business disruption
in connection with our multi-year restructuring initiatives or
other strategic initiatives; -- our ability to realize sustainable
growth from our investments in our brand and the direct-selling
channel; -- a general economic downturn, a recession globally or in
one or more of our geographic regions, such as North America, or
sudden disruption in business conditions, and the ability of our
broad-based geographic portfolio to withstand such economic
downturn, recession or conditions; -- the inventory obsolescence
and other costs associated with our product line simplification
program; -- our ability to effectively implement initiatives to
reduce inventory levels in the time period and in the amounts we
expect; -- our ability to achieve growth objectives or maintain
rates of growth, particularly in our largest markets and developing
and emerging markets; -- our ability to successfully identify new
business opportunities and identify and analyze acquisition
candidates, and our ability to negotiate and consummate
acquisitions as well as to successfully integrate or manage any
acquired business; -- the effect of political, legal and regulatory
risks, as well as foreign exchange or other restrictions, imposed
on us, our operations or our Representatives by governmental
entities; -- our ability to successfully transition our business in
China in connection with the resumption of direct selling in that
market, our ability to operate using the direct-selling model
permitted in that market and our ability to retain and increase the
number of Active Representatives there over a sustained period of
time; -- the effect of economic factors, including inflation and
fluctuations in interest rates and currency exchange rates, and the
potential effect of such fluctuations on our business, results of
operations and financial condition; -- general economic and
business conditions in our markets, including social, economic and
political uncertainties in Latin America, China, Asia Pacific,
Europe, the Middle East and Africa; -- any consequences of the
internal investigation of our China operations; -- information
technology systems outages, disruption in our supply chain or
manufacturing and distribution operations, or other sudden
disruption in business operations beyond our control as a result of
events such as acts of terrorism or war, natural disasters,
pandemic situations and large scale power outages; -- the risk of
product or ingredient shortages resulting from our concentration of
sourcing in fewer suppliers; -- the quality, safety and efficacy of
our products; -- the success of our research and development
activities; -- our ability to attract and retain key personnel and
executives; -- competitive uncertainties in our markets, including
competition from companies in the cosmetics, fragrances, skin care
and toiletries industry, some of which are larger than we are and
have greater resources; -- our ability to implement our Sales
Leadership program globally, to generate Representative activity,
to enhance the Representative experience and increase
Representative productivity through investments in the
direct-selling channel, and to compete with other direct-selling
organizations to recruit, retain and service Representatives; --
the impact of the seasonal nature of our business, adverse effect
of rising energy, commodity and raw material prices, changes in
market trends, purchasing habits of our consumers and changes in
consumer preferences, particularly given the global nature of our
business and the conduct of our business in primarily one channel;
-- our ability to protect our intellectual property rights; -- the
risk of an adverse outcome in our material pending and future
litigations; -- our ratings and our access to financing and ability
to secure financing at attractive rates; and -- the impact of
possible pension funding obligations, increased pension expense and
any changes in pension regulations or interpretations thereof on
our cash flow and results of operations. Additional information
identifying such factors is contained in Item 1A of our Annual
Report on Form 10-K for the year ended December 31, 2007, and our
Quarterly Report on Form 10-Q for the quarter ended September 30,
2008, filed with the U.S. Securities and Exchange Commission. We
undertake no obligation to update any such forward-looking
statements. AVON PRODUCTS, INC. CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) (In millions, except per share data) Three months ended
Percent Twelve months ended Percent December 31 Change December 31
Change ------------------ ------ ------------------- ------ 2008
2007 2008 2007 --------- -------- --------- -------- Net sales
$2,781.3 $3,049.4 -9% $10,588.9 $9,845.2 8% Other revenue 26.3 26.1
101.2 93.5 -------- -------- --------- -------- Total revenue
2,807.6 3,075.5 -9% 10,690.1 9,938.7 8% Cost of sales 1,057.0
1,298.6 3,949.1 3,941.2 Selling, general and administrative
expenses 1,378.5 1,552.4 5,401.7 5,124.8 -------- --------
--------- -------- Operating profit 372.1 224.5 66% 1,339.3 872.7
53% -------- -------- --------- -------- Interest expense 23.6 28.4
100.4 112.2 Interest income (9.2) (9.4) (37.1) (42.2) Other
expense, net 21.6 8.0 37.7 6.6 -------- -------- --------- --------
Total other expenses 36.0 27.0 101.0 76.6 Income before taxes and
minority interest 336.1 197.5 70% 1,238.3 796.1 56% Income taxes
108.4 67.6 362.7 262.8 -------- -------- --------- -------- Income
before minority interest 227.7 129.9 875.6 533.3 Minority interest
4.7 (1.0) (0.3) (2.6) -------- -------- --------- -------- Net
income $232.4 $128.9 80% $875.3 $530.7 65% ======== ========
========= ======== Earnings per share: Basic $.55 $.30 83% $2.05
$1.22 68% ======== ======== ========= ======== Diluted $.54 $.30
80% $2.04 $1.21 69% ======== ======== ========= ======== Average
shares outstanding: Basic 426.33 428.56 426.36 433.47 Diluted
427.70 432.47 429.53 436.89 AVON PRODUCTS, INC. CONSOLIDATED
BALANCE SHEETS (Unaudited) (In millions) December 31 December 31
2008 2007 -------- -------- Assets Current Assets Cash and cash
equivalents $1,104.7 $963.4 Accounts receivable, net 687.8 795.0
Inventories 1,007.9 1,041.8 Prepaid expenses and other 756.5 715.2
-------- -------- Total current assets 3,556.9 3,515.4 --------
-------- Property, plant and equipment, at cost 2,439.9 2,362.4
Less accumulated depreciation (1,096.0) (1,084.2) -------- --------
1,343.9 1,278.2 Other assets 1,173.2 922.6 -------- -------- Total
assets 6,074.0 5,716.2 ======== ======== Liabilities and
Shareholders' Equity Current Liabilities Debt maturing within one
year 1,031.4 929.5 Accounts payable 724.3 800.3 Accrued
compensation 234.4 285.8 Other accrued liabilities 581.9 713.2
Sales and taxes other than income 212.2 222.3 Income taxes 128.0
102.3 -------- -------- Total current liabilities 2,912.2 3,053.4
-------- -------- Long-term debt 1,456.2 1,167.9 Employee benefit
plans 665.4 388.7 Long-term income taxes 168.9 208.7 Other
liabilities 196.4 185.9 -------- -------- Total liabilities 5,399.1
5,004.6 -------- -------- Shareholders' Equity Common stock 185.6
184.7 Additional paid-in-capital 1,874.1 1,724.6 Retained earnings
4,118.9 3,586.5 Accumulated other comprehensive loss (965.9)
(417.0) Treasury stock, at cost (4,537.8) (4,367.2) --------
-------- Total shareholders' equity 674.9 711.6 -------- --------
Total liabilities and shareholders' equity $6,074.0 $5,716.2
======== ======== AVON PRODUCTS, INC. CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited) (In millions) Twelve Months Ended December
31 ---------------------- 2008 2007 ------ ------ Cash Flows from
Operating Activities: Net income $875.3 $530.7 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation 141.9 128.9 Amortization 45.3 43.2 Provision for
doubtful accounts 195.5 164.1 Provision for obsolescence 80.8 280.6
Share-based compensation 54.8 61.6 Foreign exchange (gains) losses
18.7 (2.5) Deferred income taxes (62.4) (112.4) Asset write-off
restructuring charges - 0.2 Other 48.3 41.9 Changes in assets and
liabilities: Accounts receivable (174.6) (236.6) Inventories
(174.3) (341.0) Prepaid expenses and other (153.3) (49.1) Accounts
payable and accrued liabilities (148.9) 169.9 Income and other
taxes 47.5 61.6 Noncurrent assets and liabilities (46.5) (151.3)
------ ------ Net cash provided by operating activities 748.1 589.8
------ ------ Cash Flows from Investing Activities: Capital
expenditures (380.5) (278.5) Disposal of assets 13.4 11.2
Acquisitions and other investing activities - (19.0) Purchases of
investments (77.7) (47.0) Proceeds from sale of investments 41.4
46.1 ------ ------ Net cash used by investing activities (403.4)
(287.2) ------ ------ Cash Flows from Financing Activities: Cash
dividends (347.7) (325.7) Debt, net (maturities of three months or
less) (216.9) 249.6 Proceeds from debt 572.6 58.7 Repayment of debt
(73.9) (18.0) Proceeds from exercise of stock options 81.4 85.5
Excess tax benefit realized from share-based compensation 15.1 19.6
Repurchase of common stock (172.1) (666.8) ------ ------ Net cash
used by financing activities (141.5) (597.1) ------ ------ Effect
of exchange rate changes on cash and cash equivalents (61.9) 59.0
Net increase (decrease) in cash and cash equivalents 141.3 (235.5)
Cash and equivalents at beginning of year 963.4 1,198.9 Cash and
equivalents at end of year $1,104.7 $963.4 AVON PRODUCTS, INC.
SUPPLEMENTAL SCHEDULE (Unaudited) (In millions) THREE MONTHS ENDED
12/31/08 =========================== REGIONAL RESULTS
================ Total Operating Revenue Profit $ in Total in Local
Operating in Local Op. Active Millions Revenue US$ Currency Profit
US$ Currency Margin Units Reps ----------- -------- ------------
-------- ------ ----- ---- % % % var. % var. % var. % var. var.
var. vs vs vs vs 2008 vs vs 4Q07 4Q07 4Q07 4Q07 percent 4Q07 4Q07
----------- -------- ------------ ------- ------- ----- ---- Latin
America $944.3 -5% 11% $175.1 28% 54% 18.5% 3% 2% North America (1)
681.3 -11 -9 44.9 -14 -7 6.6 -6 1 Central & Eastern Europe
482.9 -14 -3 102.2 -2 12 21.2 -7 1 Western Europe, Middle East
& Africa 364.3 -16 2 41.5 * * 11.4 -9 3 Asia Pacific 225.2 -6 0
27.6 86 129 12.3 -3 6 China 109.6 27 17 19.3 * * 17.6 -8 88 Total
from Oper- ations 2,807.6 -9 2 410.6 33 59 14.6 -3 4 Global
Expenses - - - (38.5) 54 54 - - - Consol- idated (1) $2,807.6 -9%
2% $372.1 66% 106% 13.3% -3% 4% CATEGORY SALES (US$)
==================== Consolidated --------------------- % var. vs
4Q07 --------------------- Beauty (cosmetics/fragrances/skin
care/toiletries) $1,957.7 -7% Fashion (fashion jewelry/watches/
apparel/footwear/accessories) 489.5 -7 Home (gift & decorative
products/ housewares/entertainment & leisure/ kids/nutrition)
334.1 -21 ---------- -------- Net Sales $2,781.3 -9% Other Revenue
26.3 1 ---------- -------- Total Revenue $2,807.6 -9% TWELVE MONTHS
ENDED 12/31/08 ============================ REGIONAL RESULTS
================ Total Operating Revenue Profit $ in Total in Local
Operating in Local Op. Active Millions Revenue US$ Currency Profit
US$ Currency Margin Units Reps ------------- -------- ------------
-------- ------- ----- ---- % % % var. % var. % var. % var. var.
var. vs vs vs vs 2008 vs vs FY07 FY07 FY07 FY07 percent FY07 FY07
------------- -------- ------------ -------- ------- ----- ----
Latin America $3,884.1 18% 14% $690.3 43% 38% 17.8% 4% 6% North
America (1) 2,492.7 -5 -5 213.9 0 1 8.6 -4 2 Central & Eastern
Europe (2) 1,719.5 9 4 346.2 17 11 20.1 2 12 Western Europe, Middle
East & Africa 1,351.7 3 6 121.0 * * 8.9 -3 4 Asia Pacific 891.2
5 0 102.4 59 54 11.5 0 4 China 350.9 25 14 17.7 * * 5.0 2 79 Total
from Oper- ations 10,690.1 8 5 1,491.5 37 33 13.9 1 7 Global
Expenses - - - (152.2) 31 31 - - - Consol- idated (1) (2) $10,690.1
8% 5% $1,339.3 53% 50% 12.5% 1% 7% CATEGORY SALES (US$)
==================== Consolidated ---------------------- % var. vs
FY07 ---------------------- Beauty (cosmetics/fragrances/skin
care/toiletries) $7,603.7 10% Fashion (fashion jewelry/watches/
apparel/footwear/accessories) 1,863.3 6 Home (gift & decorative
products/ housewares/entertainment & leisure/ kids/nutrition)
1,121.9 -3 ----------- -------- Net Sales $10,588.9 8% Other
Revenue 101.2 8 ----------- -------- Total Revenue $10,690.1 8% *
Calculation not meaningful (1) North America Active Representative
growth benefited from increased ordering opportunities in Canada as
a result of a move from a three-week campaign cycle to a two-week
campaign cycle beginning in the second quarter of 2008. (2) Central
& Eastern Europe Active Representative growth during the first
half of 2008 benefited from increased ordering opportunities as a
result of a move from a four-week campaign cycle to a three-week
campaign cycle in the second half of 2007. DATASOURCE: Avon
Products, Inc. CONTACT: Media, Victor Beaudet, +1-212-282-5344, or
Sharon Samuel, +1-212-282-5322, or Investors, Renee Johansen or
Anita Bialkowska, +1-212-282-5320, all of Avon Products, Inc. Web
Site: http://www.avoncompany.com/
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