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Avon Products 1st-qtr net income drops partly on bigger restructuring charge, commodity costs
NEW YORK (AP) ' Avon Products Inc. says its first-quarter profit tumbled 82 percent, hurt by a bigger restructuring charge, commodity costs and higher labor costs as the company fends off makeup company Coty's takeover overture and adjusts to its new CEO.
The New York beauty company, whose brands include Anew and mark, reported net income of $26.5 million, or 6 cents per share, for the period ended March 31. That's down from $143.6 million, or 33 cents per share, a year earlier.
Excluding one-time items, earnings were 10 cents per share. Analysts expected earnings of 28 cents per share.
Revenue slipped 2 percent to $2.58 billion but beat Wall Street's estimate of $2.52 billion.
Fragrance and skincare sales dipped 1 percent, while sales of personal care products fell 2 percent on a reported basis.