Photo: With help from Latin American sales, Avon sees a its first-quarter profits triple
Avon Products Inc. has announced that its first quarter profit more than tripled thanks in to its Latin American sales.
At the end of last year’s first quarter, Avon’s profits were $42.5 million, but this year they jumped to $143.6 million in just the first quarter of 2011.
Tuesday, the New York-based company said it’s net income was just 10 cents per share at this time last year, but now they are seeing 33 cents per share.
“Latin America’s first-quarter 2011 revenue was up 16% year over year, or up 11% in constant dollars, with strong growth in most of our large markets,” said an Avon press release.”
In North America however, first-quarter revenue was down 2 percent.
Overall, Avon’s first-quarter 2011 total revenue was $2.6 billion, 7% higher than that of first-quarter 2010.
“Beauty sales increased 8% year over year, with gains in all categories during the first quarter of 2011: 10% growth in fragrance, 6% in color, 7% in skincare, and 8% in personal care. Constant-dollar growth of 4% in Beauty was driven by gains of 6% in fragrance, 2% in color, 4% in skincare, and 5% in personal care.”