NEW YORK, Oct. 28 /PRNewswire-FirstCall/ -- Avon Products,
Inc. (NYSE: AVP) today reported third-quarter 2010 total revenue of
$2.7 billion, 4% higher than that of
third-quarter 2009. Constant dollar sales rose 6% as foreign
exchange reduced growth by 2 percentage points. Acquisitions
contributed 2% to revenue growth in the quarter. Beauty sales
in the third quarter of 2010 were up 3% versus the prior-year
period, and increased 5% on a constant dollar basis. Active
Representatives grew 4%. Total units and Beauty units both rose 1%,
and total price/mix rose 5%.
Andrea Jung, Chairman and CEO,
remarked, “Third-quarter revenues were softer than we had expected,
however we maintained our commitment to strategic growth
investments. The third quarter was always planned to be a heavy
investment quarter, although the lower-than-expected revenues added
further pressure to operating margin. We continue to expect sales
growth for the full year of at least mid-single digits in constant
dollars, but now expect operating margin to be roughly flat.
Importantly, we remain committed to our long-term strategic growth
plan as well as the achievement of our corporate objectives, which
include at least mid-single digit constant dollar revenue growth
and mid-teens operating margin by 2013.”
Avon’s Beauty sales growth of 3% included gains in fragrance of
8% and personal care of 5%, with color cosmetics flat and a 3%
decline in skin care. Constant dollar growth of 5% in Beauty was
driven by 12% growth in fragrances, 7% growth in personal care, and
2% growth in color cosmetics. These were partially offset by a 2%
decline in skin care due to geographic mix and softness in our
mid-tier Solutions brand.
Third-quarter 2010 gross margin of 64.4% was 170 basis points
above that of the prior-year quarter. Excluding the impact of
Venezuelan special items and restructuring costs, gross margin was
up 190 basis points to 64.7%, benefiting from strong manufacturing
productivity gains as well as currency transaction benefits.
Selling, general and administrative expenses in the quarter
increased as a percent of revenue by 200 basis points versus third
quarter 2009. Excluding restructuring costs and Venezuelan special
items, it increased by 300 basis points due to higher advertising
and Representative Value Proposition (“RVP”) expenses and costs
associated with the company’s internal FCPA investigation.
Advertising for the quarter was $115
million, up 36% from $84
million in last year’s period, driven by increases in
Brazil, Russia and the U.S. Investments in RVP grew
somewhat ahead of sales with a continued commitment to our Sales
Leadership program, Internet enablement and our Service Model
Transformation initiative.
Third-quarter 2010 costs associated with the company’s 2005 and
2009 restructuring programs were $7
million pre-tax, or $0.01 per
share after-tax. This compared with costs of $34 million pre-tax, or $0.06 per share after-tax, related to the
company’s 2005 and 2009 restructuring programs in the prior-year
period.
Third-quarter 2010 operating profit of $260 million was flat compared with the year-ago
quarter and operating margin was 9.8%, a decline of 30 basis points
year over year. Excluding the impact of Venezuelan special items
and restructuring costs, operating profit was down 6%, and
operating margin was 10.3%, or down 110 basis points versus the
third quarter of 2009. The decline was due to our planned
increase in advertising and RVP, along with costs associated with
the company’s internal FCPA investigation.
Third-quarter 2010’s effective tax rate was 29.2%, compared with
32.0% in third-quarter 2009. Excluding the impact from Venezuelan
special items and restructuring costs, the tax rate was 28.7% in
third-quarter 2010, compared with 32.0% in third-quarter 2009. The
third-quarter 2010 effective tax rate included benefits from audit
settlements.
Net income in the third quarter of 2010 was $167 million, or $0.38 per share, compared with $156 million, or $0.36 per share, in the year-ago quarter. After
adjusting for the impact of Venezuelan special items and
restructuring costs, net income was $178
million, or $0.41 per share,
compared with $179 million, or
$0.42 per share in the year-ago third
quarter.
Net cash provided by operating activities was $338 million for the nine months ended
September 30, 2010, compared with
$247 million for the same period of
2009. The improvement was a result of higher cash-related net
income, recovery of the Brazil VAT and higher accounts payable.
These items were partially offset by higher inventories resulting
from lower-than-expected sales as well as the timing of payments
relating to our restructuring programs.
Third-Quarter Regional Results
Latin America’s third-quarter 2010 revenue was up 8% year over
year, or up 13% in constant dollars. On a reported basis,
Brazil was up 14%, Mexico was up 18%, and Venezuela was down 24%. Constant dollar
revenue growth was driven by growth of 7% in Brazil, 14% in Mexico and 52% in Venezuela. The region’s Active Representatives
grew 8% and units sold were up 6%. Third-quarter operating
profit was down 3%. Operating margin was 15.4%, or down 190 basis
points from the third quarter of 2009. Excluding the impact of
Venezuelan special items and restructuring costs, Latin America’s
adjusted third-quarter operating profit was down 1%. Adjusted
operating margin was 16.2%, down 160 basis points due to increased
investment in RVP and advertising, as well as higher distribution
costs.
Third-quarter revenue in North
America declined 2%, or 3% in constant dollars.
Silpada had a favorable impact on third-quarter revenue of 7
percentage points, which includes two months of operations.
Active Representatives were down 6% largely due to fewer additions.
Units sold declined 8% compared with a year ago. Silpada added 1
percentage point to both Active Representatives and unit growth in
the quarter. North America’s third-quarter operating profit
was up 25%. Operating margin was 5.7%, up 130 basis points versus
last year’s quarter. Adjusted operating profit was down 4%,
with an adjusted operating margin of 6.4%, down 10 basis points.
Excluding Silpada, adjusted operating profit declined 25%
with adjusted operating margin down 110 basis points due to
increased advertising.
In Central & Eastern
Europe, third-quarter revenue declined 1% year over year,
but rose 2% in constant dollars. Russia was up 6% on a reported basis and up 4%
in constant dollars. The region’s Active Representatives grew 3%
and units sold were flat in the quarter. Operating profit
rose 7% versus the 2009 quarter. The region’s operating margin was
16.1%, up from 14.9% in the year-ago quarter. Third-quarter 2010
adjusted operating profit was up 3%. Adjusted operating margin was
16.2%, up 60 basis points, driven by improved manufacturing
productivity, including benefits from our Strategic Sourcing
Initiative (“SSI”), partially offset by the planned increase in
advertising.
Western Europe, Middle East & Africa’s third-quarter
revenue increased 11% versus the prior-year quarter or 16% on a
constant dollar basis. The strength was driven by growth in
Active Representatives as well as the acquisition of Liz Earle
Beauty Co. Limited, which contributed approximately 4 percentage
points to revenue growth. On a reported basis, Turkey rose 13%, South Africa rose 73% and the U.K. was down
3%. The region’s constant dollar revenue increase was due to a 15%
increase in Turkey, 63% increase
in South Africa, and a 1% increase
in the U.K. The region’s Active Representatives grew 14% year
over year and units sold increased 5%. Operating profit was up 185%
versus the prior-year quarter. Operating margin was 10.1%, up from
3.9% in the year-ago quarter. Third-quarter 2010 adjusted operating
profit was up 94%. Adjusted operating margin was 10.0%, up 430
basis points versus last year’s third quarter due to improved
manufacturing productivity including the benefits of SSI.
Asia Pacific’s third-quarter revenue increased 3% year over
year, but declined 4% in constant dollars. Strong growth of 13%, or
7% in constant dollars, in the
Philippines offset continued weakness in Japan. The region’s Active Representatives and
units sold were each up by 2%. Operating profit was down 2% versus
the 2009 quarter. The region’s operating margin was 9.9% versus
10.4% a year ago. The region’s adjusted operating profit declined
14%. Adjusted operating margin was 9.6%, down 190 basis
points versus a year ago due to an increased investment in RVP.
Third-quarter revenue in China
decreased 30% year over year, or down 31% in constant dollars.
Units sold decreased 28% and Active Representatives were down 36%.
The region’s revenues continued to be impacted by the company’s
deliberate transition away from a hybrid model to one which focuses
on direct selling. China had an
operating loss of $3 million compared
with $3 million in profit in last
year’s third quarter.
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: 16944678). The call and related slide
presentation will be webcast live at www.avoninvestor.com and can
be accessed or downloaded from that site for a period of one
year.
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 approximately
6.2 million independent Avon Sales Representatives. Avon's product line includes beauty products,
as well as fashion and home products, 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
www.avoncompany.com.
Footnote
(1) “Adjusted” items refer to financial results presented in
accordance with US GAAP that have been adjusted to exclude the
impact of Venezuelan special items and restructuring costs, as
described below, under “Non-GAAP Financial Measures.”
Non-GAAP Financial Measures
To supplement our financial results presented in accordance with
US GAAP, we disclose operating results that have been adjusted to
exclude the impact of changes due to the translation of foreign
currencies into U.S. dollars. We refer to these adjusted growth
rates as Constant $ growth, which is a non-GAAP financial measure.
We believe this measure provides investors an additional
perspective on trends. To exclude the impact of changes due
to the translation of foreign currencies into U.S. dollars, we
calculate current year results and prior year results at a constant
exchange rate. Currency impact is determined as the difference
between actual growth rates and constant currency growth rates.
We present gross margin, selling, general and administrative
expenses as a percentage of revenue, operating profit, operating
margin, earnings per share and effective tax rate on a non-GAAP
basis. The discussion of our segments presents operating
profit and operating margin on a non-GAAP basis. We have
provided a quantitative reconciliation of the difference between
the non-GAAP financial measure and the financial measure calculated
and reported in accordance with GAAP. These non-GAAP measures
should not be considered in isolation, or as a substitute for, or
superior to, financial measures calculated in accordance with GAAP.
The Company uses the non-GAAP financial measures to evaluate
its operating performance and believes that it is meaningful for
investors to be made aware of, on a period to period basis, the
impacts of 1) costs to implement (“CTI”) restructuring initiatives
and 2) costs and charges related to Venezuela being designated as a highly
inflationary economy and the subsequent devaluation of its currency
(“Venezuelan special items”). The Venezuelan special items
include the impact on the Statement of Income caused by the
devaluation of the Venezuelan currency on monetary assets and
liabilities, such as cash, receivables and payables; deferred tax
assets and liabilities; and nonmonetary assets, such as inventory
and prepaid expenses. For nonmonetary assets, the Venezuelan
special items include the earnings impact caused by the difference
between the historical cost of the assets at the previous official
exchange rate of 2.15 and the new official exchange rate of
4.30.
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 gross and 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, Internet platform and technology strategies,
information technology and related system enhancements 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;
- our ability to transition our business in North America, including optimizing our
product portfolio and enhancing field fundamentals;
- 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 effect of political, legal, tax and regulatory risks
imposed on us, our operations or our Representatives, including
foreign exchange or other restrictions, interpretation and
enforcement of foreign laws including any changes thereto, as well
as reviews and investigations by government regulators that have
occurred or may occur from time to time, including, for example,
local regulatory scrutiny in China;
- 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, such as Brazil
or Russia;
- our ability to successfully identify new business opportunities
and identify and analyze acquisition candidates, secure financing
on favorable terms and negotiate and consummate acquisitions as
well as to successfully integrate or manage any acquired
business;
- the effect of economic factors, including inflation and
fluctuations in interest rates and currency exchange rates, as well
as the designation of Venezuela as
a highly inflationary economy, and the potential effect of such
factors on our business, results of operations and financial
condition;
- our ability to successfully transition and evolve our business
in China in connection with the
development and evolution of the direct selling business in that
market, our ability to operate using a 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;
- general economic and business conditions in our markets,
including social, economic and political uncertainties in the
international markets in our portfolio;
- any developments in or consequences of internal investigations
and compliance reviews that we conduct, and any litigation related
thereto, including the ongoing investigation and compliance reviews
of Foreign Corrupt Practices Act and related U.S. and foreign law
matters in China and additional
countries, as well as any disruption or adverse consequences
resulting from such investigations, reviews, related actions or
litigation;
- 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 increase the number of
consumers served per Representative and their engagement online, to
enhance the Representative and consumer 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 and to
continue to innovate the direct selling model;
- 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 any material pending and
future litigations or with respect to the legal status of
Representatives;
- 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 2009 Form 10-K for the year ended December 31, 2009. 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
|
|
Nine months
ended
|
|
Percent
|
|
|
|
September
30
|
|
Change
|
|
September
30
|
|
Change
|
|
|
|
2010
|
|
2009
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ 2,623.5
|
|
$ 2,527.0
|
|
4%
|
|
$ 7,727.0
|
|
$ 7,130.4
|
|
8%
|
|
Other revenue
|
|
34.1
|
|
32.0
|
|
|
|
99.5
|
|
93.8
|
|
|
|
Total
revenue
|
|
2,657.6
|
|
2,559.0
|
|
4%
|
|
7,826.5
|
|
7,224.2
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
946.2
|
|
954.8
|
|
|
|
2,871.6
|
|
2,700.3
|
|
|
|
Selling, general and
administrative expenses
|
|
1,451.8
|
|
1,345.7
|
|
|
|
4,231.0
|
|
3,914.1
|
|
|
|
Operating
profit
|
|
259.6
|
|
258.5
|
|
0%
|
|
723.9
|
|
609.8
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
21.1
|
|
26.1
|
|
|
|
63.3
|
|
78.8
|
|
|
|
Interest income
|
|
(1.8)
|
|
(3.2)
|
|
|
|
(10.0)
|
|
(15.2)
|
|
|
|
Other expense, net
|
|
3.8
|
|
3.9
|
|
|
|
52.1
|
|
7.9
|
|
|
|
Total other
expenses
|
|
23.1
|
|
26.8
|
|
|
|
105.4
|
|
71.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes
|
|
236.5
|
|
231.7
|
|
2%
|
|
618.5
|
|
538.3
|
|
15%
|
|
Income taxes
|
|
(69.0)
|
|
(74.1)
|
|
|
|
(238.5)
|
|
(178.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
167.5
|
|
157.6
|
|
|
|
380.0
|
|
359.7
|
|
|
|
Net income attributable to
noncontrolling interest
|
|
(0.8)
|
|
(1.4)
|
|
|
|
(3.2)
|
|
(3.3)
|
|
|
|
Net income attributable to
Avon
|
|
$ 166.7
|
|
$ 156.2
|
|
7%
|
|
$ 376.8
|
|
$ 356.4
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
.39
|
|
$
.36
|
|
8%
|
|
$
.87
|
|
$
.83
|
|
5%
|
|
Diluted
|
|
$
.38
|
|
$
.36
|
|
6%
|
|
$
.87
|
|
$
.83
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
September
30
|
|
December
31
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Current Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
841.5
|
|
$
1,311.6
|
|
Accounts receivable,
net
|
755.5
|
|
779.7
|
|
Inventories
|
1,356.8
|
|
1,067.5
|
|
Prepaid expenses and
other
|
1,039.3
|
|
1,030.5
|
|
|
Total current assets
|
3,993.1
|
|
4,189.3
|
|
|
|
|
|
|
|
Property, plant and equipment,
at cost
|
2,881.4
|
|
2,699.3
|
|
Less accumulated
depreciation
|
(1,246.1)
|
|
(1,169.7)
|
|
|
|
1,635.3
|
|
1,529.6
|
|
|
|
|
|
|
|
Other assets
|
2,178.8
|
|
1,113.8
|
|
|
Total assets
|
$
7,807.2
|
|
$
6,832.7
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Debt maturing within one
year
|
$
1,169.3
|
|
$
138.1
|
|
Accounts payable
|
876.6
|
|
754.7
|
|
Accrued compensation
|
325.4
|
|
291.0
|
|
Other accrued
liabilities
|
757.8
|
|
697.1
|
|
Sales and taxes other than
income
|
214.2
|
|
259.2
|
|
Income taxes
|
86.6
|
|
134.7
|
|
|
Total current
liabilities
|
3,429.9
|
|
2,274.8
|
|
Long-term debt
|
1,934.6
|
|
2,307.8
|
|
Employee benefit
plans
|
568.8
|
|
588.9
|
|
Long-term income
taxes
|
172.3
|
|
173.8
|
|
Other liabilities
|
149.2
|
|
174.8
|
|
|
Total liabilities
|
$
6,254.8
|
|
$
5,520.1
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
Common stock
|
$
186.5
|
|
$
186.1
|
|
Additional
paid-in-capital
|
2,006.1
|
|
1,941.0
|
|
Retained earnings
|
4,476.5
|
|
4,383.9
|
|
Accumulated other comprehensive
loss
|
(603.1)
|
|
(692.6)
|
|
Treasury stock, at
cost
|
(4,556.8)
|
|
(4,545.8)
|
|
|
Total Avon shareholders'
equity
|
1,509.2
|
|
1,272.6
|
|
Noncontrolling
Interest
|
43.2
|
|
40.0
|
|
|
Total shareholders'
equity
|
$
1,552.4
|
|
$
1,312.6
|
|
|
Total liabilities and
shareholders' equity
|
$
7,807.2
|
|
$
6,832.7
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
September
30
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
Cash Flows from Operating
Activities
|
|
|
|
|
Net income
|
$ 380.0
|
|
$ 359.7
|
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
139.1
|
|
131.4
|
|
|
Provision for doubtful
accounts
|
161.2
|
|
159.6
|
|
|
Provision for
obsolescence
|
77.7
|
|
72.2
|
|
|
Share-based
compensation
|
46.2
|
|
43.1
|
|
|
Deferred income taxes
|
(52.8)
|
|
(36.3)
|
|
|
Charge for Venezuelan monetary
assets and liabilities
|
46.1
|
|
-
|
|
|
Other
|
80.4
|
|
44.5
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
Accounts receivable
|
(179.3)
|
|
(157.0)
|
|
|
Inventories
|
(321.6)
|
|
(207.8)
|
|
|
Prepaid expenses and
other
|
(81.7)
|
|
(92.8)
|
|
|
Accounts payable and accrued
liabilities
|
155.8
|
|
29.8
|
|
|
Income and other
taxes
|
(99.0)
|
|
(82.2)
|
|
|
Noncurrent assets and
liabilities
|
(14.1)
|
|
(17.1)
|
|
Net cash provided by operating
activities
|
338.0
|
|
247.1
|
|
|
|
|
|
|
|
Cash Flows from Investing
Activities
|
|
|
|
|
Capital expenditures
|
(216.9)
|
|
(171.8)
|
|
Disposal of assets
|
11.7
|
|
10.2
|
|
Purchases of
investments
|
(1.6)
|
|
(0.7)
|
|
Proceeds from sale of
investments
|
4.1
|
|
61.8
|
|
Acquisitions and other investing
activities
|
(795.2)
|
|
5.7
|
|
Net cash used by investing
activities
|
(997.9)
|
|
(94.8)
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities
|
|
|
|
|
Cash dividends
|
(287.5)
|
|
(273.1)
|
|
Debt, net (maturities of three
months or less)
|
529.1
|
|
(499.1)
|
|
Proceeds from debt
|
5.5
|
|
948.9
|
|
Repayment of debt
|
(18.3)
|
|
(155.2)
|
|
Proceeds from exercise of stock
options
|
18.7
|
|
3.8
|
|
Excess tax benefit realized from
share-based compensation
|
2.8
|
|
(2.1)
|
|
Repurchase of common
stock
|
(11.4)
|
|
(7.6)
|
|
Net cash provided by financing
activities
|
238.9
|
|
15.6
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash and equivalents
|
(49.1)
|
|
20.8
|
|
Net (decrease) increase in cash
and equivalents
|
(470.1)
|
|
188.7
|
|
Cash and equivalents at
beginning of year
|
$ 1,311.6
|
|
$ 1,104.7
|
|
Cash and equivalents at end of
period
|
$ 841.5
|
|
$ 1,293.4
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
SUPPLEMENTAL
SCHEDULE
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED 9/30/10
|
|
|
|
REGIONAL
RESULTS
|
|
|
$ in Millions
|
Total
Revenue US$
|
|
C$
|
|
Units
|
|
Price/Mix
|
|
Active
Reps
|
|
Average
Order C$
|
|
|
|
|
% var.
vs
3Q09
|
|
% var.
vs
3Q09
|
|
% var.
vs
3Q09
|
|
% var.
vs
3Q09
|
|
% var.
vs
3Q09
|
|
% var.
vs
3Q09
|
|
Latin America
|
$1,206.8
|
8%
|
|
13%
|
|
6%
|
|
7%
|
|
8%
|
|
5%
|
|
North America
|
531.1
|
(2)
|
|
(3)
|
|
(8)
|
|
5
|
|
(6)
|
|
3
|
|
Central & Eastern
Europe
|
310.8
|
(1)
|
|
2
|
|
-
|
|
2
|
|
3
|
|
(1)
|
|
Western Europe, Middle East
& Africa
|
332.1
|
11
|
|
16
|
|
5
|
|
11
|
|
14
|
|
2
|
|
Asia Pacific
|
229.7
|
3
|
|
(4)
|
|
2
|
|
(6)
|
|
2
|
|
(6)
|
|
China
|
47.1
|
(30)
|
|
(31)
|
|
(28)
|
|
(3)
|
|
(36)
|
|
5
|
|
Total from operations
|
2,657.6
|
4
|
|
6
|
|
1
|
|
5
|
|
4
|
|
2
|
|
Global and other
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
|
$2,657.6
|
4%
|
|
6%
|
|
1%
|
|
5%
|
|
4%
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
GAAP
Operating
Profit US$
|
% var.
vs
3Q09
|
|
2010
GAAP
Operating
Margin US$
|
|
2010
Non-GAAP
Operating
Profit US$ (1)
|
|
2009
Non-GAAP
Operating
Profit US$ (1)
|
|
2010
Non-GAAP
Operating
Margin (1)
|
|
2009
Non-GAAP
Operating
Margin (1)
|
|
Latin America
|
$186.3
|
(3)%
|
|
15.4%
|
|
$196.0
|
|
$198.0
|
|
16.2%
|
|
17.8%
|
|
North America
|
30.1
|
25
|
|
5.7
|
|
33.9
|
|
35.4
|
|
6.4
|
|
6.5
|
|
Central & Eastern
Europe
|
49.9
|
7
|
|
16.1
|
|
50.5
|
|
49.1
|
|
16.2
|
|
15.6
|
|
Western Europe, Middle East
& Africa
|
33.4
|
185
|
|
10.1
|
|
33.1
|
|
17.1
|
|
10.0
|
|
5.7
|
|
Asia Pacific
|
22.7
|
(2)
|
|
9.9
|
|
22.0
|
|
25.6
|
|
9.6
|
|
11.5
|
|
China
|
(2.8)
|
(212)
|
|
(5.9)
|
|
(2.7)
|
|
1.7
|
|
(5.7)
|
|
2.5
|
|
Total from operations
|
319.6
|
6
|
|
12.0
|
|
332.8
|
|
326.9
|
|
12.5
|
|
12.8
|
|
Global and other
|
(60.0)
|
(43)
|
|
-
|
|
(58.6)
|
|
(34.9)
|
|
-
|
|
-
|
|
Total
|
$259.6
|
0%
|
|
9.8%
|
|
$274.2
|
|
$292.0
|
|
10.3%
|
|
11.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATEGORY
SALES (US$)
|
|
|
Consolidated
|
|
|
|
|
|
US$
|
|
C$
|
|
|
|
|
|
|
% var.
vs
3Q09
|
|
% var.
vs
3Q09
|
|
Beauty (color
cosmetics/fragrances/skin care/personal care)
|
|
$1,895.1
|
|
3%
|
|
5%
|
|
Fashion (fashion
jewelry/watches/apparel/footwear/accessories/children's)
(2)
|
|
475.2
|
|
8
|
|
10
|
|
Home (gift & decorative
products/housewares/entertainment &
leisure/children's/nutrition) (2)
|
|
253.2
|
|
4
|
|
8
|
|
|
Net sales
|
|
$2,623.5
|
|
4%
|
|
6%
|
|
Other revenue
|
|
34.1
|
|
7
|
|
5
|
|
|
Total revenue
|
|
$2,657.6
|
|
4%
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
Nine MONTHS
ENDED 9/30/10
|
|
|
|
REGIONAL
RESULTS
|
|
|
$ in Millions
|
Total
Revenue US$
|
|
C$
|
|
Units
|
|
Price/Mix
|
|
Active
Reps
|
|
Average
Order C$
|
|
|
|
|
% var.
vs
9M09
|
|
% var.
vs
9M09
|
|
% var.
vs
9M09
|
|
% var.
vs
9M09
|
|
% var.
vs
9M09
|
|
% var.
vs
9M09
|
|
Latin America
|
$3,314.9
|
15%
|
|
14%
|
|
5%
|
|
9%
|
|
7%
|
|
7%
|
|
North America
|
1,599.6
|
(3)
|
|
(4)
|
|
(5)
|
|
1
|
|
(2)
|
|
(2)
|
|
Central & Eastern
Europe
|
1,077.0
|
12
|
|
9
|
|
5
|
|
4
|
|
6
|
|
3
|
|
Western Europe, Middle East
& Africa
|
984.5
|
17
|
|
16
|
|
12
|
|
4
|
|
14
|
|
2
|
|
Asia Pacific
|
676.5
|
7
|
|
0
|
|
3
|
|
(3)
|
|
4
|
|
(4)
|
|
China
|
174.0
|
(31)
|
|
(31)
|
|
(36)
|
|
5
|
|
(25)
|
|
(6)
|
|
Total from operations
|
7,826.5
|
8
|
|
7
|
|
2
|
|
5
|
|
5
|
|
2
|
|
Global and other
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
|
$7,826.5
|
8%
|
|
7%
|
|
2%
|
|
5%
|
|
5%
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
GAAP
Operating
Profit US$
|
% var.
vs
9M09
|
|
2010
GAAP
Operating
Margin US$
|
|
2010
Non-GAAP
Operating
Profit US$ (1)
|
|
2009
Non-GAAP
Operating
Profit US$ (1)
|
|
2010
Non-GAAP
Operating
Margin (1)
|
|
2009
Non-GAAP
Operating
Margin (1)
|
|
Latin America
|
$414.9
|
0%
|
|
12.5%
|
|
$502.5
|
|
$447.0
|
|
15.2%
|
|
15.5%
|
|
North America
|
110.0
|
53
|
|
6.9
|
|
127.3
|
|
107.0
|
|
8.0
|
|
6.5
|
|
Central & Eastern
Europe
|
198.1
|
73
|
|
18.4
|
|
201.3
|
|
137.6
|
|
18.7
|
|
14.3
|
|
Western Europe, Middle East
& Africa
|
115.0
|
273
|
|
11.7
|
|
111.5
|
|
51.1
|
|
11.3
|
|
6.1
|
|
Asia Pacific
|
74.7
|
50
|
|
11.0
|
|
74.2
|
|
65.0
|
|
11.0
|
|
10.3
|
|
China
|
(15.1)
|
(165)
|
|
(8.7)
|
|
(16.0)
|
|
22.9
|
|
(9.2)
|
|
9.1
|
|
Total from operations
|
897.6
|
27
|
|
11.5
|
|
1,000.8
|
|
830.6
|
|
12.8
|
|
11.5
|
|
Global and other
|
(173.7)
|
(84)
|
|
-
|
|
(173.3)
|
|
(83.4)
|
|
-
|
|
-
|
|
Total
|
$723.9
|
19%
|
|
9.2%
|
|
$827.5
|
|
$747.2
|
|
10.6%
|
|
10.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATEGORY
SALES (US$)
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
US$
|
|
C$
|
|
|
|
|
|
|
% var.
vs
9M09
|
|
% var.
vs
9M09
|
|
Beauty (color
cosmetics/fragrances/skin care/personal care)
|
|
$5,592.3
|
|
8%
|
|
6%
|
|
Fashion (fashion
jewelry/watches/apparel/footwear/accessories/children's)
(2)
|
|
1,397.7
|
|
9
|
|
8
|
|
Home (gift & decorative
products/housewares/entertainment &
leisure/children's/nutrition) (2)
|
|
737.0
|
|
8
|
|
8
|
|
|
Net sales
|
|
$7,727.0
|
|
8%
|
|
7%
|
|
Other revenue
|
|
99.5
|
|
6
|
|
3
|
|
|
Total revenue
|
|
$7,826.5
|
|
8%
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For a further
discussion on our non-GAAP financial measures, please refer to our
discussion of non-GAAP financial measures in this
release
and reconciliations of our
non-GAAP financial measures to the related GAAP financial measure
in the following supplemental schedules.
|
|
|
|
|
(2) During the third
quarter of 2010, items associated with children's products, that
were previously reported in Home, were reclassified into
Fashion if such children's
product was Fashion related.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
SUPPLEMENTAL
SCHEDULE
|
|
NON-GAAP
FINANCIAL MEASURES
|
|
(Unaudited)
|
|
|
|
This supplemental schedule
provides adjusted non-GAAP financial information and a quantitative
reconciliation of the difference between the non-GAAP financial
measure and the financial measure calculated and reported in
accordance with GAAP.
|
|
|
|
|
$ in Millions (except per share
data)
|
THREE MONTHS
ENDED 9/30/10
|
|
|
Reported
(GAAP)
|
CTI
restructuring
initiatives
|
Venezuelan
special
items
|
Rounding
|
Adjusted
(Non-GAAP)
|
|
|
|
|
|
|
|
|
Cost of Sales
|
$946.2
|
$2.3
|
$7.0
|
|
$936.9
|
|
Selling, general and
administrative expenses
|
1,451.8
|
4.9
|
0.4
|
|
1,446.5
|
|
Operating profit
|
259.6
|
7.2
|
7.4
|
|
274.2
|
|
Income before taxes
|
236.5
|
7.2
|
7.4
|
|
251.1
|
|
Income taxes
|
(69.0)
|
(3.0)
|
-
|
|
(72.0)
|
|
Net income attributable to
Avon
|
$166.7
|
$4.2
|
$7.4
|
|
$178.3
|
|
|
|
|
|
|
|
|
Diluted EPS
|
0.38
|
0.01
|
0.02
|
|
0.41
|
|
|
|
|
|
|
|
|
Gross margin
|
64.4%
|
0.1
|
0.3
|
(0.1)
|
64.7%
|
|
SG&A as a % of
Revenues
|
54.6%
|
0.2
|
0.0
|
|
54.4%
|
|
Operating margin
|
9.8%
|
0.3
|
0.3
|
(0.1)
|
10.3%
|
|
Effective tax rate
|
29.2%
|
0.4
|
(0.9)
|
|
28.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING
PROFIT
|
|
|
|
|
|
|
Latin America
|
$186.3
|
$2.3
|
$7.4
|
|
$196.0
|
|
North America
|
30.1
|
3.8
|
0.0
|
|
33.9
|
|
Central & Eastern
Europe
|
49.9
|
0.6
|
0.0
|
|
50.5
|
|
Western Europe, Middle East
& Africa
|
33.4
|
(0.3)
|
0.0
|
|
33.1
|
|
Asia Pacific
|
22.7
|
(0.7)
|
0.0
|
|
22.0
|
|
China
|
(2.8)
|
0.1
|
0.0
|
|
(2.7)
|
|
Global and other
|
(60.0)
|
1.4
|
0.0
|
|
(58.6)
|
|
Total
|
$259.6
|
$7.2
|
$7.4
|
|
$274.2
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING
MARGIN
|
|
|
|
|
|
|
Latin America
|
15.4%
|
0.2
|
0.6
|
|
16.2%
|
|
North America
|
5.7%
|
0.7
|
0.0
|
|
6.4%
|
|
Central & Eastern
Europe
|
16.1%
|
0.2
|
0.0
|
(0.1)
|
16.2%
|
|
Western Europe, Middle East
& Africa
|
10.1%
|
(0.1)
|
0.0
|
|
10.0%
|
|
Asia Pacific
|
9.9%
|
(0.3)
|
0.0
|
|
9.6%
|
|
China
|
(5.9)%
|
0.2
|
0.0
|
|
(5.7)%
|
|
Global and other
|
-
|
0.0
|
0.0
|
|
0.0%
|
|
Total
|
9.8%
|
0.3
|
0.3
|
(0.1)
|
10.3%
|
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
SUPPLEMENTAL
SCHEDULE
|
|
NON-GAAP
FINANCIAL MEASURES
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
$ in Millions (except per share
data)
|
NINE MONTHS
ENDED 9/30/10
|
|
|
Reported
(GAAP)
|
CTI
restructuring
initiatives
|
Venezuelan
special
items
|
Rounding
|
Adjusted
(Non-GAAP)
|
|
|
|
|
|
|
|
|
Cost of Sales
|
$2,871.6
|
$6.9
|
$70.1
|
|
$2,794.6
|
|
Selling, general and
administrative expenses
|
4,231.0
|
16.1
|
10.5
|
|
4,204.4
|
|
Operating profit
|
723.9
|
23.0
|
80.6
|
|
827.5
|
|
Income before taxes
|
618.5
|
23.0
|
126.7
|
|
768.2
|
|
Income taxes
|
(238.5)
|
(8.5)
|
12.7
|
|
(234.3)
|
|
Net income attributable to
Avon
|
$376.8
|
$14.5
|
$139.4
|
|
$530.7
|
|
|
|
|
|
|
|
|
Diluted EPS
|
0.87
|
0.03
|
0.32
|
|
1.22
|
|
|
|
|
|
|
|
|
Gross margin
|
63.3%
|
0.1
|
0.9
|
|
64.3%
|
|
SG&A as a % of
Revenues
|
54.1%
|
(0.2)
|
(0.1)
|
(0.1)
|
53.7%
|
|
Operating margin
|
9.2%
|
0.3
|
1.0
|
0.1
|
10.6%
|
|
Effective tax rate
|
38.6%
|
0.2
|
(8.2)
|
(0.1)
|
30.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING
PROFIT
|
|
|
|
|
|
|
Latin America
|
$414.9
|
$7.0
|
$80.6
|
|
$502.5
|
|
North America
|
110.0
|
17.3
|
0.0
|
|
127.3
|
|
Central & Eastern
Europe
|
198.1
|
3.2
|
0.0
|
|
201.3
|
|
Western Europe, Middle East
& Africa
|
115.0
|
(3.5)
|
0.0
|
|
111.5
|
|
Asia Pacific
|
74.7
|
(0.5)
|
0.0
|
|
74.2
|
|
China
|
(15.1)
|
(0.9)
|
0.0
|
|
(16.0)
|
|
Global and other
|
(173.7)
|
0.4
|
0.0
|
|
(173.3)
|
|
Total
|
$723.9
|
$23.0
|
$80.6
|
|
$827.5
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING
MARGIN
|
|
|
|
|
|
|
Latin America
|
12.5%
|
0.2
|
2.4
|
0.1
|
15.2%
|
|
North America
|
6.9%
|
1.1
|
0.0
|
|
8.0%
|
|
Central & Eastern
Europe
|
18.4%
|
0.3
|
0.0
|
|
18.7%
|
|
Western Europe, Middle East
& Africa
|
11.7%
|
(0.4)
|
0.0
|
|
11.3%
|
|
Asia Pacific
|
11.0%
|
(0.1)
|
0.0
|
0.1
|
11.0%
|
|
China
|
(8.7)%
|
(0.5)
|
0.0
|
|
(9.2)%
|
|
Global and other
|
-
|
0.0
|
0.0
|
|
0.0%
|
|
Total
|
9.2%
|
0.3
|
1.0
|
0.1
|
10.6%
|
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
SUPPLEMENTAL
SCHEDULE
|
|
NON-GAAP
FINANCIAL MEASURES
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
$ in Millions (except per share
data)
|
THREE MONTHS
ENDED 9/30/09
|
|
|
Reported
(GAAP)
|
CTI
restructuring
initiatives
|
Rounding
|
Adjusted
(Non-GAAP)
|
|
|
|
|
|
|
|
Cost of Sales
|
$954.8
|
$3.3
|
|
$951.5
|
|
Selling, general and
administrative expenses
|
1,345.7
|
30.2
|
|
1,315.5
|
|
Operating profit
|
258.5
|
33.5
|
|
292.0
|
|
Income before taxes
|
231.7
|
33.5
|
|
265.2
|
|
Income taxes
|
(74.1)
|
(10.8)
|
|
(84.9)
|
|
Net income attributable to
Avon
|
$156.2
|
$22.7
|
|
$178.9
|
|
|
|
|
|
|
|
Diluted EPS
|
0.36
|
0.06
|
|
0.42
|
|
|
|
|
|
|
|
Gross margin
|
62.7%
|
0.1
|
|
62.8%
|
|
SG&A as a % of
Revenues
|
52.6%
|
1.2
|
|
51.4%
|
|
Operating margin
|
10.1%
|
1.3
|
|
11.4%
|
|
Effective tax rate
|
32.0%
|
-
|
|
32.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING
PROFIT
|
|
|
|
|
|
Latin America
|
$192.3
|
$5.7
|
|
$198.0
|
|
North America
|
24.1
|
11.3
|
|
35.4
|
|
Central & Eastern
Europe
|
46.7
|
2.4
|
|
49.1
|
|
Western Europe, Middle East
& Africa
|
11.7
|
5.4
|
|
17.1
|
|
Asia Pacific
|
23.2
|
2.4
|
|
25.6
|
|
China
|
2.5
|
(0.8)
|
|
1.7
|
|
Global and other
|
(42.0)
|
7.1
|
|
(34.9)
|
|
Total
|
$258.5
|
$33.5
|
|
$292.0
|
|
|
|
|
|
|
|
SEGMENT OPERATING
MARGIN
|
|
|
|
|
|
Latin America
|
17.3%
|
0.5
|
|
17.8%
|
|
North America
|
4.4%
|
2.1
|
|
6.5%
|
|
Central & Eastern
Europe
|
14.9%
|
0.8
|
(0.1)
|
15.6%
|
|
Western Europe, Middle East
& Africa
|
3.9%
|
1.8
|
|
5.7%
|
|
Asia Pacific
|
10.4%
|
1.1
|
|
11.5%
|
|
China
|
3.7%
|
(1.2)
|
|
2.5%
|
|
Global and other
|
-
|
-
|
|
-
|
|
Total
|
10.1%
|
1.3
|
|
11.4%
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
SUPPLEMENTAL
SCHEDULE
|
|
NON-GAAP
FINANCIAL MEASURES
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
$ in Millions (except per share
data)
|
NINE MONTHS
ENDED 9/30/09
|
|
|
Reported
(GAAP)
|
CTI
restructuring
initiatives
|
Rounding
|
Adjusted
(Non-GAAP)
|
|
|
|
|
|
|
|
Cost of Sales
|
$2,700.3
|
$3.6
|
|
$2,696.7
|
|
Selling, general and
administrative expenses
|
3,914.1
|
133.8
|
|
3,780.3
|
|
Operating profit
|
609.8
|
137.4
|
|
747.2
|
|
Income before taxes
|
538.3
|
137.4
|
|
675.7
|
|
Income taxes
|
(178.6)
|
(21.9)
|
|
(200.5)
|
|
Net income attributable to
Avon
|
$356.4
|
$115.5
|
|
$471.9
|
|
|
|
|
|
|
|
Diluted EPS
|
0.83
|
0.27
|
(0.01)
|
1.09
|
|
|
|
|
|
|
|
Gross margin
|
62.6%
|
0.1
|
|
62.7%
|
|
SG&A as a % of
Revenues
|
54.2%
|
1.9
|
|
52.3%
|
|
Operating margin
|
8.4%
|
1.9
|
|
10.3%
|
|
Effective tax rate
|
33.2%
|
(3.5)
|
|
29.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING
PROFIT
|
|
|
|
|
|
Latin America
|
$414.4
|
$32.6
|
|
$447.0
|
|
North America
|
71.7
|
35.3
|
|
107.0
|
|
Central & Eastern
Europe
|
114.4
|
23.2
|
|
137.6
|
|
Western Europe, Middle East
& Africa
|
30.8
|
20.3
|
|
51.1
|
|
Asia Pacific
|
49.9
|
15.1
|
|
65.0
|
|
China
|
23.1
|
(0.2)
|
|
22.9
|
|
Global and other
|
(94.5)
|
11.1
|
|
(83.4)
|
|
Total
|
$609.8
|
$137.4
|
|
$747.2
|
|
|
|
|
|
|
|
SEGMENT OPERATING
MARGIN
|
|
|
|
|
|
Latin America
|
14.4%
|
1.1
|
|
15.5%
|
|
North America
|
4.3%
|
2.1
|
0.1
|
6.5%
|
|
Central & Eastern
Europe
|
11.9%
|
2.4
|
|
14.3%
|
|
Western Europe, Middle East
& Africa
|
3.7%
|
2.4
|
|
6.1%
|
|
Asia Pacific
|
7.9%
|
2.4
|
|
10.3%
|
|
China
|
9.1%
|
(0.1)
|
0.1
|
9.1%
|
|
Global and other
|
-
|
-
|
|
-
|
|
Total
|
8.4%
|
1.9
|
|
10.3%
|
|
|
|
|
|
|
SOURCE Avon Products, Inc.
Copyright . 28 PR Newswire