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Avon Products net income drops 70 percent in 2nd quarter on stronger dollar, revenue decline
NEW YORK (AP) ¯¯¯ Avon Products says its second-quarter net income fell 70 percent, hurt by the stronger dollar and lower demand globally for its makeup and skin care products.
The maker of beauty products including Skin So Soft lotion and mark cosmetics says net income fell to $61.6 million, or 14 cents per share. That compares with $206.2 million, or 48 cents per share, a year ago.
Excluding one-time items, net income totaled 20 cents per share. Analysts surveyed by FactSet expected 21 cents per share.
Revenue fell 9 percent to $2.59 billion from $2.86 billion last year. Analysts expected revenue of $2.68 billion.
New York-based Avon Products Inc. says revenue fell across all regions, with a 9 percent drop in Latin America, its largest region, and a 6 percent drop in the U.S.