Avon Posts Slightly Lower Revenue For 1Q 2013

Avon Products, Inc. reported total revenue declined 4 percent to $2.5 billion in the first quarter of 2013. Operating profit was $172 million, with operating margin at 6.9 percent during the quarter. Avon said operating profit was negatively affected by the $20 million restructuring costs and $13 million in losses from Venezuela's devaluation of its currency. Adjusted operating profit was $206 million, with adjusted operating margin at 8.3 percent, 450 basis points higher compared with that of the first quarter of 2012. Net loss for the quarter was $13 million, or $0.03 per share, while adjusted net income was $112 million, or $0.26 per share.