Avon Expects Strong Performance In Ecuador In 2011
August 17 2011 - 3:26PM
Dow Jones News
The Ecuadorean unit of Avon Products Inc. (AVP) is expecting a
strong performance in the Andean country this year, the company's
business manager, Pablo Mogollon, said Wednesday.
"Ecuador is an important place for the company. We expect to
close 2011 with a double-digit increase in net sales," Mogollon
said, without providing further details.
According to Mogollon, Avon made $120 million in net sales last
year, an increase of 13% from 2009 and 274% higher than 2005 sales.
This is the first time Avon Ecuador released sales data.
Mogollon said the dollarization system has helped the company's
expansion in Ecuador as it has allowed for long-term planning.
Ecuador adopted the U.S. dollar as its currency in 2000
following a banking crisis.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com
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