Avon Products has reported its Q1 2014 results. "As I look at our first quarter results, I'm not satisfied with our performance, but I'm encouraged by our progress," said Sheri McCoy, Chief Executive Officer of Avon Products. "However, we continue to stay the course on our plans to return Avon to sustainable, profitable growth."
For Q1 2014, total revenue of $2.2bn decreased 11%, while beauty sales declined 12%. Operating loss was $51m and adjusted operating profit was $134m. The company suffered a net loss from continuing operations of $167m, compared with $12m for the prior year comparable period. Q1's adjusted net income from continuing operations was $52m, compared with $113m for the prior year comparable period.
Avon's net debt (total debt less cash) for the first quarter of 2014 was $1.9bn, up $299m from the year-end 2013 level, and $239m lower than at 31 March 2013.